An industrial property in Freehold has sold for $11.95 million, CBRE announced on Tuesday.
The 118,400-square-foot asset located at 183 Three Brooks Road was purchased by Teaneck-based real estate firm Treetop Development from IVC.
Elli Klapper, Charles Berger, Kevin Dudley, Stephen Beyda and Robert Pine of CBRE’s Tri-State Investment Properties team represented Treetop in the deal. IVC was represented by Cushman & Wakefield.
“Due to a low vacancy rate in the Exit 8A submarket, tenants are demanding quality options in areas slightly further away from the New Jersey Turnpike in more suburban locations,” Klapper, senior vice president, said. “This asset provided our client with a tremendous value-add opportunity to meet this demand in one of the nation’s hottest industrial markets.”
The property, which was built in 1989, is a single-tenanted industrial facility situated on 15.72 acres. It has new ESFR sprinklers, humidity- and temperature-controlled systems and a new roof. It is located within close access to routes 9, 33, 18 and 537, and Interstate 195.
In addition to the sale, CBRE said it also negotiated a 10-year lease for the entire property with Resurge, a third-party logistics provider. Klapper, Dudley, Beyda and Pine were involved in negotiations during the due diligence phase.