Commercial real estate firm NAI James E. Hanson announced Wednesday it has been named the exclusive leasing brokerage for a seven building, flex/industrial park in Allendale.
The Allendale Industrial Park, purchased in summer 2018 as a joint venture between Camber Real Estate Partners and Advance Realty, is a 370,000-square-foot, 93% leased industrial park located at 1-3, 5-7 Pearl Court and 59 Route 17 South.
Kenneth Lundberg and Patrick Lennon of NAI Hanson will head the assignment.
The park, NAI Hanson said, boasts a plethora of diverse tenants, including Volkswagen, Stryker Spine and Leica Camera. It is within close access to Route 17, interstates 80 and 87, the New Jersey Turnpike and the Garden State Parkway. Each building at the park has 20-24-foot ceilings, loading docks and individual storefronts.
“Year-over-year, the Upper Bergen industrial submarket has seen a precipitous decline in overall vacancy rates with a matching rise in asking prices for spaces like The Allendale Industrial Park. In such a highly competitive market, it is important to select a leasing team that understands the local market and has significant experience in the ongoing leasing of similar assets,” Lundberg said. “We look forward to continuing to secure the high occupancy this park has enjoyed for many years and working with Camber and Advance to ensure that The Allendale Industrial Park remains the best industrial park in northern N.J.”