FreezPak cuts the ROI for the 140,000 square foot refrigerated warehouse adjacent to Elizabeth and Newark-New Jersey

2021-11-10 03:53:15 By : Mr. Jack Yuan

State-of-the-art facilities are designed to meet all the needs of the evolving sector and help build communities

Mike Saoud, the co-CEO of FreezPak, made it clear at the ribbon-cutting ceremony on Tuesday morning: The company and co-developers Elberon Development Group and Fidelco Group opened a 140,000-square-foot freezer warehouse on the border of Newark and Elizabeth more than just another cold storage facility. .

"FreezPak Elizabeth has pushed us to a new level of sustainable storage," Saoud said. "Between building height, automation and fuel cell refueling capabilities, we position FreezPak to meet the growing demand for cold storage space.

"We thank our co-developers Elberon and Fidelco, who believe in us and provide us with a full range of development."

With 10.5 million cubic feet of cold storage space, located on the corner of Newark Avenue and Virginia Street, the state-of-the-art facility provides 30,000 pallet positions and 18 docks.

In addition to storage and retrieval, repackaging, and overseas container inserts, FreezPak's fifth location in New Jersey will also provide on-site USDA, FDA and food safety inspection service inspections.

These are just some of the reasons why the facility was recently named the best industrial deal of the year by NAIOP-New Jersey.

"This is a critical moment for modernization, and our commitment to this is stronger than ever. FreezPak Elizabeth will become our flagship facility," Saoud said. "We are very happy to see our vision realized in our latest position."

Dave Gibbons, president of Elberon, feels the same way.

"The quality and complexity of this cold storage facility will help re-establish the industrial status of a site that has been abandoned for many years," he said. "The ownership team is proud to work with Elizabeth and Newark to promote the revitalization of the surrounding areas that affect these two large cities."

Elizabeth Mayor Christian Bollwage said the facility will have a huge impact.

"Located in a key location in the city-adjacent to the seaport, major highways and airport-this wonderful new facility is a great addition to our community. It helps us in our commitment to creating new jobs for our residents. Opportunities and opportunities, while increasing services and meeting delivery needs."

Newark Mayor Ras Baraka agreed.

He said: "Despite the challenges Newark faces due to COVID-19, we continue to build a strong economy, provide our residents with jobs and career opportunities in different fields, and revitalize the community."

"FreezPak will inject vitality into the development and growth of the region and our entire city. I congratulate Marc Berson and Elberon Development Group for bringing this transformative project to Newark and Elizabeth."

Paint and dye manufacturer Magruder Color previously occupied the property but moved out of Newark in 2006. The property has been uninhabited for more than ten years, when the project team decided to build a mostly abandoned commercial/industrial area.

Fidelco Group Chairman Bosen described the facility as a transformative project.

"This exciting new facility will become a major development project in the area," he said. "No matter where FreezPak is established, it will create jobs and attract other industries and development. Fidelco also cherishes these goals. This project will inject new vitality into the corner shared by two great cities."

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