Marcus & Millichap Real Estate Investment Services has arranged the sale of a brand new 70,000 s/f refrigerated food storage and distribution building.
The facility is triple-net leased to Albert’s Organics/United Natural Food Inc. (UNFI), the largest wholesale distributor of natural, organic and specialty foods in the United States and Canada.
The property is situated in a 1,100-acre master-planned business park in Logan Township, N.J., which is part of the Philadelphia MSA. The terms of the sale were not released.
John Glass, a senior vice president investments, and Scott Pertel, an associate, both in Marcus & Millichap’s San Francisco office, represented the seller. The buyer is a publically traded REIT out of New York. Marcus & Millichap vice president Michael Fasano also provided representation.
“The buyer pool we sourced for this asset produced 12 offers,” said Glass. “The building’s quality location in a top-rated industrial market and the competitive bidding environment we created drove the selling price well above the initial asking price.
“Demand for refrigerated warehouse space, particularly freezer space, is projected to continue as the growing frozen food industry keeps refrigerated warehouse facilities at or near full capacity,” added Glass.
