CBRE announced Tuesday the $17.9 million sale of an industrial property in Northvale.
The real estate firm said the 207,000-square-foot asset located at 251 Union Ave. was acquired by Treetop Development from New York-based Vale 521 LLC.
Elli Klapper and Charles Berger of CBRE represented Treetop in the deal. Vale 521 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,” Klapper, senior vice president, CBRE, said.
In addition to the sale, CBRE was also named the leasing agent for the property.
Dudley, CBRE said, has already negotiated a 100,328-square-foot lease with Chateau Express, a wine distributor which moved its operations from New York to New Jersey, at the property. CBRE and Dudley have been retained by Treetop to lease up the remaining available space.
The property, built in 1970, sits on 16.3 acres and features high ceilings, 20 loading docks and 17,178 square feet of office space. In addition, the building can be expanded by 50,000 square feet subject to city approvals.