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| Albert's Organics/United Natural Food Inc. leases this 70,000-SF refrigerated food storage and distribution building in Logan Township, NJ |
LOGAN TOWNSHIP, NJ– Marcus & Millichap Real Estate
Investment Services, the nation’s largest real estate investment services firm,
has arranged the sale of a brand new 70,000-square-foot refrigerated food
storage and distribution building.
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| John Glass |
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.
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| Scott Pertel |
“The
buyer pool we sourced for this asset produced 12 offers,” says 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.”
“The lease, guaranteed by UNFI, has an initial 15-year term,
with two five-year renewal options,” adds Pertel. “The tenant can expand up to
an additional 25,000 square feet, adding potential upside for the new owner.”
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| Michael Fasano |
Completed in 2013, the build-to-suit
facility is located within the LogistiCenter business park at 1155 Commence
Blvd. in Logan Township, N.J., 12 miles south of Philadelphia. The location
offers direct access to Interstate 295, the New Jersey Turnpike, Route 120,
Interstate 95 and rail service, making it an ideal place from which to service
markets from Washington, D.C. to New York City.
The
one-story warehouse features a mezzanine office and ample parking. The
foundation is concrete, the framing is tilt up steel and the exterior is
concrete and steel siding.
United
Natural Foods Inc. supplies 60,000-plus items to 23,000 customers, including
independently owned retailers, supernatural chain Whole Foods, and traditional
supermarkets. The company offers groceries, supplements, produce, frozen foods
and ethnic and kosher food products.
“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,” concludes Glass.
For a complete
copy of the company’s news release,
please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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