CBRE announced on Wednesday it has arranged two industrial leases at a 120,000-square-foot industrial facility in Westwood.
CBRE’s Kevin Dudley, Bill Waxman, Nick Klacik and Elli Klapper represented the owner, Teaneck-based Treetop Development, in the deal.
“Prior to Treetop’s acquisition and subsequent investment in upgrading the property to meet the demands of modern industrial tenants, 10-50 Charles Street was vacant for six years,” Dudley said. “The renovations undertaken by ownership were instrumental in attracting major companies and achieving record rents in the market.”
In the last year, Treetop said it made capital improvements to the property including new LED lights, epoxy floors, white washing the interior, extra loading capacity, and more. Situated on 6.5 acres, the single-story industrial building has 10,000 square feet of office space, 127 parking spits, 14-22-foot ceilings, dock seals, eight tailgate doors, and more. The property still has available 55,000 square feet, divisible by 12,000- and 15,000-square-foot units. It also sits within close access to the New Jersey Turnpike.
“As Treetop continues to bolster its portfolio in the Garden State, we plan to invest in this value-add strategy not only at 10-50 Charles Street, but other industrial sites as well,” Adam Mermelstein, a principal at Treetop Development, said.