October 13th, 2016 — National Fish & Seafood, a tenant at Americold’s sprawling waterfront property in East Gloucester, is looking to buy the facility.
National Fish has approached the city about supporting its application for a Tax Increment Financing subsidy. The TIF is part of its plans to purchase the two-building site at 159 East Main St. from a real estate subsidiary of Americold called ART Mortgage Borrower Propco.
The sale price included in a circulating draft of the purchase-and-sale agreement, according to Gloucester Economic Development Director Sal Di Stefano, will be in the neighborhood of $4 million. The property and structures carry an assessed value of $8.28 million.
“They’ve approached us about supporting their application for a TIF and we’re in the very early stages of that process,” Di Stefano said. “We’re always happy to work with any company that is looking to expand and invest here in Gloucester, especially on the waterfront.”
National Fish employs about 155 at the site, where it processes and markets more than 40,000 tons of frozen seafood annually under the National Fish, Matlaw’s and Schooner brands. The property, along with the Gloucester Marine Railways, are the last two East Gloucester waterfront parcels still within the city’s Designated Port Area. Fifty percent of properties in the DPA are required to be dedicated for marine industrial uses.
National Fish President Todd Provost did not return phone calls Wednesday seeking comment. An Americold official declined comment.
The East Gloucester property stretches over more than 4 acres on the eastern shore of Smith Cove, supporting two buildings with a combined area of 171,653 square feet, according to city tax records.
The larger of the two warehouse buildings — at 109,941 square feet — is used for cold storage and was built in 1961. The smaller warehouse, 65,712 square feet, is used for processing and was completed in 1962. The site also includes 14,800 square feet of docks.