May 16, 2007 11:04 AM

Swiss North American Properties (SNAP) has sold an 11.5-acre site in Elizabeth NJ to Lucky Bear LLC for $8.75 million. A new cold-storage facility will be constructed on the property.

After this sale, Lucky Bear and Preferred Freezer Services agreed to a 25-year build-to-suit lease valued at more than $90 million for the site. The nation’s fourth-largest cold storage company, Preferred plans to build a 206,000-square-foot, 65-ft high-cube freezer facility. The project includes around 20,000 square feet of office space.

A 40,000-sq-ft manufacturing plant at the location is expected to be leveled sometime in May 2007.