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Deals & Dealmakers

Cold-storage company inks 140,000 s/f industrial lease

In a transaction arranged by CBRE, Refrig-It Warehouse, a full-service, public cold-storage warehousing company, has signed a 140,000 s/f industrial lease at Portside Distribution Center located at 233-287 Miller Street in Newark, New Jersey.

Refrig-It Warehouse is the first major tenant making a commitment to the newly constructed 290,000 s/f facility developed by a joint venture partnership between Hartford, Connecticut-based Penwood Real Estate Investment Management and Gladstone, New Jersey-based Penford Group.

CBRE’s David Gheriani represented Refrig-It Warehouse in the lease negotiations, while the CBRE team of William Waxman, Mindy Lissner and Ben Shapiro arranged the lease on behalf of the building ownership.
In addition, Eric Brown, Eric Wagner and Mike Wood of CBRE’s New Jersey Project Management team have been hired by Refrig-It to assist with permitting and infrastructure build-out.

“Given the trend of increased demand for cold storage and food-grade spaces in the market, finding a strategically located building was a necessity. Working together with our brokerage team, we were able to pair Refrig-It with a newly developed property located in Port Newark’s epicenter with easy access to New York City,” said Gheriani.

Situated on 14.85 acres, the property provides immediate access to the entire New York City metro area via I-78, I-95 and other major New Jersey highways.

The facility is 1.8 miles from the Port of Newark-Elizabeth and 4.1 miles from Newark Liberty International Airport.

The state-of-the-art warehouse space will feature cooler and freezer storage, 40-foot clear heights, cross dock configuration, 22 loading docks, 38 trailer stalls and a back-up generator.

Refrig-It Warehouse offers a range of temperature-controlled spaces, from 0 to 60 degrees Fahrenheit. The company is a leader in the handling and storage of temperature-sensitive food and ingredients and its state-of-the-art warehouse management software provides customers with real-time access to information about their storage activities, including inventory, order status, bills of loading and invoicing.

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