Treetop buys New Jersey industrial property for $17.3m

Treetop buys New Jersey industrial property for $17.3m

Published at: 2019-09-12 15:07 | Author: CIJ USA
Treetop Development acquired a 207,000 sq ft industrial property in Northvale, New Jersey, for $17.3m. Built in 1970, the facility 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. Resting on a 16.3 acre site, the building has the capacity to expand by an additional 50,000 sq ft subject to city approvals. CBRE, which represent both the buyer and seller, Vale 521, will be retained as the leasing agent for the property.

“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,” said Elli Klapper, senior vice president at CBRE.

Similar Stories:

SFG Walton KY to build two spec industrial buildings in Kentucky
SFG Walton KY has obtained a $38.81m loan from Trez Forman Capital for the construction of  »
Coca-Cola buys Sarasota distribution facility for $7m
Coca-Cola Beverages Florida acquired a 104,345 sq ft distribution facility in Sarasota, Fl  »
Panattoni to develop 800,000 sq ft business park in Miami
Panattoni has purchased a 20-acre industrial land parcel in Miami for $24m. Located on NW  »
ILPT secaures $350m to reduce outstanding borrowings
Industrial Logistics Properties Trust has obtained a $350m loan to reduce outstanding borr  »
The industrial sector of commercial real estate has changed radically over the past few ye   »
industrial logistics brokers are relying increasingly on data to help them find the best p   »
Scott Gregory, market officer at Prologis in Florida, says the breakdown can be seen geogr   »