A Freehold industrial building used for nutraceutical manufacturing has been sold for $8.8 million, according to real estate services firm CBRE.
Treetop Development bought the 154,824-square-foot property at 500 Halls Mill Road, according to a news release, with CBRE serving as exclusive representative on the acquisition — the fourth on which they have worked together.
The CBRE Tri-State Investment Properties team of Elli Klapper and Charles Berger, along with the CBRE Advisory and Transactions Services team of Kevin Dudley, David Gheriani, Robert Pine and Justin Passaretti, represented the buyer in the deal.
“This property represented the ideal investment opportunity for our client — a robust submarket with low availabilities and a strong demand for quality industrial space,” Dudley, a senior vice president, said in a prepared statement. “Due to a low vacancy rate in the Exit 8A market, tenants are now demanding quality options in areas slightly further away from the New Jersey Turnpike in more suburban markets, and 500 Halls Mill Road fits the bill perfectly.
CBRE was also retained to oversee leasing at the single-story facility. Treetop plans to redevelop the site to create a new, state-of-the-art cross-dock facility of approximately 200,000 square feet, the firm noted.
“This is our second industrial purchase in Freehold,” Adam Mermelstein, a principal with Treetop, said in a statement. “We see the 8A market, specifically Freehold, as one that will continue to expand, and we are excited to be at the forefront of such growth. In 2020, we expect to continue to bolster our industrial portfolio in the Garden State, and are aggressively looking to buy existing industrial buildings, as well as bring to market state-of-the-art new construction industrial sites, such as 500 Halls Mill Road.”
Treetop is diversifying its traditional multifamily holdings, CBRE noted, looking for industrial properties in centrally located markets. CBRE is serving as exclusive adviser for Treetop’s quest.