CBRE announced on Wednesday the $10.5 million sale of an industrial property in Westwood.
The 120,000-square-foot asset, located at 10-50 Charles St., was purchased by Teaneck-based Treetop Development for an undisclosed price.
Elli Klapper and Charles Berger of CBRE’s Tri-State Investment Properties team along with Kevin Dudley, William Waxman and Justin Passaretti of the firm’s Advisory and Transaction Services team, represented Treetop in the deal. Thomas Nuara of Resource Realty represented the seller.
“This property is in an incredibly robust submarket, with a strong demand for smaller units due to companies downsizing,” Klapper, senior vice president, said. “It is ideal for a town like Westwood, which is in close proximity to major transportation hubs. 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 single-story industrial facility is situated on 6.5 acres and features 10,000 square feet of office space, 100 parking spots, 14- to 22-foot ceilings, dock seals and eight tailgate doors.
Ownership said it plans to repurpose it into smaller spaces: one 40,000-square-foot space and seven flex spaces each 10,000 square feet.
“While Treetop Development has traditionally focused on multifamily properties in New York, we are thrilled to be entering the New Jersey industrial market,” Adam Mermelstein, principal at Treetop Development, said. “We have plans to infuse significant capital to update and modernize existing industrial space, as well as build new ground up buildings.”
In addition to the sale, CBRE was also retained to oversee leasing at the property.