Preferred Freezer assets sold to GMAC

Marcus & Millichap arranged the sale/leaseback of the Preferred Freezer 12-property portfolio to General Motors Acceptance Corp. for $261 million.

Under the sale-leaseback agreement, Preferred Freezer will lease the properties for 25 years with subsequent five-year options. With the bond-type lease, the lessee is responsible for all costs and expenses relating to the property and its operation, maintenance and repair.

The portfolio contains 12 individual single-tenant sites totaling approximately 1.6 million square feet of warehouse space, including approximately 64 million cubic feet of refrigerated space. The properties are located in metropolitan infill markets in the Northeast, Southeast, Midwest and West Coast regions.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.

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