Preferred Freezer Services will invest $60 million to construct a 200,000-square-foot cold storage warehouse that will be served by rail in Portsmouth, Virginia.
The new facility will be used to import, export, process and distribute food products. It will position the refrigerated warehousing company to meet the growing demand for cold storage space, Virginia officials said in a press release issued by Gov. Ralph Northam's office.
“Preferred Freezer Services' new operation in the city of Portsmouth will harness the region’s valuable assets, including unparalleled access to global markets through the Port of Virginia and the world-class workforce in Hampton Roads,” said Northam. "The company’s significant investment and major footprint expansion further reinforces the strength of the area’s logistics infrastructure, supply chain industry, and dedicated talent pipeline."
The Virginia Economic Development Partnership worked with the city, the Hampton Roads Economic Development Alliance and the Virginia Port Authority to secure funding for the project. Northam approved a $180,000 grant from the Commonwealth Opportunity Fund to assist the city with the project.
The company qualifies for state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Preferred Freezer Services also is eligible for benefits from the Port of Virginia Economic Development Zone Grant Program, the Rail Industrial Access Program and the Economic Development Access Program, Virginia officials said.
Based in Chatham, New Jersey, Preferred Freezer Services has existing operations in Chesapeake, Virginia. The company has been in business since 1989 and operates more than 300 million cubic feet of full service, temperature-controlled warehouse space across the United States and Asia.
“We look forward to hiring over 60 people to service our customers throughout the [Portsmouth] area and manage the over 31,000 new pallet positions that will expand our import and export abilities," said Preferred Freezer President Brian Beattie.