Cold storage company leases 450,000 s/f Secaucus facility.HK Commercial Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Advisors announced that it has negotiated and closed a 450,000 s/f lease for Preferred Freezer freezer the compartment in which meat and offal are stored at freezing temperatures of 10 to 16°F (-12 to -9°C) although there is a trend to lower temperatures of 0 to -22°F (-18 to -30°C). Services at One Enterprise Avenue in Secaucus, N.J. One of the largest, privately held cold storage companies in the nation, Preferred Freezer was seeking to expand its ever-growing presence in New Jersey, where it already has facilities in Elizabeth, Newark, Jersey City and Perth Amboy Perth Amboy (ăm`boi), city (1990 pop. 41,962), Middlesex co., NE N.J., with a harbor on Arthur Kill at the mouth of the Raritan River, which is crossed there to Staten Island, N.Y., by the Outerbridge Crossing (1928); settled 1683, inc. . Owned by ProLogis, One Enterprise Avenue was about to be vacated due to the impending im·pend intr.v. im·pend·ed, im·pend·ing, im·pends 1. To be about to occur: Her retirement is impending. 2. relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of the existing tenant to a new facility out of state. The building was a specialized freezer/cooler facility that, due to the overall layout and configuration, would not lend itself well to the distribution market as a whole. The question for ownership was do they renovate or simply tear down this building and start from scratch to start (again) from the very beginning; also, to start without resources. - Thackeray. See also: Scratch . Enter partners Edward Horne and Martin Kreiman of HK Commercial Realty Advisors, who knew that Preferred Freezer was seeking this exact type of space in this key New Jersey market to help facilitate their growth. "This transaction came together due to two companies with needs that perfectly aligned with one another," said Horne. Kreiman added, "By having a long-term relationship with Preferred Freezer, I knew the company was once again ready to expand, without having to build a new facility, within New Jersey. We also knew that the former tenant of One Enterprise Avenue had moved to a new facility in Pennsylvania, thus freeing up space that perfectly fit Preferred Freezer's needs. With both companies' requirements fulfilled, we worked together to close the deal, ensuring that Preferred Freezer and ProLogis were satisfied with the new lease." |
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