251 Union Ave., Northvale, NJ
NORTHVALE, NJ—Treetop Development has acquired a 207,000-square-foot industrial building at 251 Union Ave. here for $17.9 million.
With the Treetop Development purchase, brokerage firm CBRE reports it has negotiated a more than 100,000-square-foot lease at the property.
The Teaneck, NJ-based firm purchased the property from New York City-based Vale 521, LLC. The CBRE team of Elli Klapper and Charles Berger represented Treetop Development in the negotiations. Vale 521, LLC, was represented by CBRE's Kevin Dudley, Geoffrey Schubert and Justin Passaretti.
"Treetop Development has traditionally focused on multifamily properties in New York and affordable housing nationwide, but has started looking to diversify its portfolio and start heavily focusing on the New Jersey industrial market, as it is a continually growing asset class with tremendous value-add opportunity. 251 Union Avenue was an ideal opportunity to acquire a well-located industrial property in one of the nation's hottest industrial markets," says CBRE SVP Klapper.
In addition to the sale, CBRE was appointed the exclusive leasing agent of the property and already negotiated a 100,328-square-foot lease with Chateau-Express, a wine distributor who moved their operations from New York to New Jersey.
Dudley spearheaded the transaction and CBRE Dudley have been retained by Treetop Development to lease up the remaining 106,864 square feet of the building. Treetop Development plans on spending significant capital upgrading the property, CBRE reports.
Built in 1970, 251 Union Ave. sits on 16.3 acres and features 40-foot-by-25-foot column spacing, ceiling heights of 16 feet to 18 feet, 20 loading docks and 17,178 sq. ft. of office space. In addition, the building is expandable by 50,000 square feet, subject to city approvals.
The CBRE Investment Properties Team reports it is currently negotiating four other property transactions in New Jersey for Treetop Development.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
