JLL Capital Markets close sale of the single-tenant facility

Elizabeth, NJ JLL Capital Markets announced the sale of a 138,642 s/f, Class A, frozen storage facility fully leased to Seafrigo Cold Storage at 900 Fairmount Ave.

JLL represented the buyer, who acquired the asset from the seller, a joint venture between The Avidan Group and Elberon Development Group. 

Completed in 2016, the frozen storage facility was a build-to-suit for Seafrigo, a France-based food distributor specializing in handling chilled, frozen and ambient products. The frozen storage building features 60-foot clear heights, 18 temperature-controlled loading docks and 4,800 s/f of office space.

The property is strategically located near Highway 1/9 and has easy access to Interstate 95 (The New Jersey Turnpike). 900 Fairmount Ave. is also 3.3 miles from Newark Liberty International Airport and 5.6 miles from Port Newark-Elizabeth, one of the largest container ports in the country.

The facility is located within the Port Industrial submarket, which, according to JLL Research’s New Jersey Industrial Insight report for the fourth quarter of 2021, had a vacancy rate of 1.4 percent with no cold storage availabilities.

The JLL Capital Markets team representing the buyer was led by managing directors Michael Oliver and Marc Duval, senior director Jordan Avanzato, director Nicholas Stefans and senior managing director Jose Cruz. The seller was represented in-house.

“Investors are fighting to deploy capital in the cold storage space,” Duval said. “The scarcity of the asset type has created tremendous demand from a capital and tenant perspective, which puts the asset class in a position to outperform over the long run.”