MORRISTOWN, N.J., Feb. 24, 2022 – JLL Capital Markets announced today that it has closed the sale of a 138,642-square-foot, Class A, frozen storage facility fully leased to Seafrigo Cold Storage at 900 Fairmount Ave. in the suburban New York City community of Elizabeth, New Jersey.
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 square feet 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 highly sought-after 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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Avidan Group
The Avidan Group is a family owned and operated Real Estate Company with deep roots in Northern New Jersey that has been doing business for over 50 years. Avidan, through its affiliates and subsidiaries, owns and manages warehouse and distribution facilities that serve major population centers in New Jersey, Maryland, Tennessee and Florida.
About Elberon Development Group
Founded by David O. Evans in 1920, Elberon Development Group is a third-generation family run business specializing in the development, construction, management and ownership of commercial real estate. The firm maintains a local geographic focus in Northern New Jersey – the same area where the business began. Today the firm manages a portfolio of more than two and a half million square feet of space, much of which is located in Elizabeth, New Jersey. For more information, please visit elberon.com.