The Hampshire Cos. has purchased a vacant industrial building from the borough of Allendale, according to real estate firm NAI James E. Hanson.
The 114,500-square-foot property at 230 W. Crescent Ave. includes 102,000 square feet of warehouse space and 12,500 square feet of office space, the firm said.
NAI Hanson’s Michael Walters represented the buyer in the transaction. He will team with Richard Van Houten of the Van Houten Group to lease the property.
Financial terms of the transaction were not disclosed.
The Hampshire Cos. will undertake a capital improvement plan that includes replacement of the roof and other upgrades — it is scheduled to be completed later this summer, NAI Hanson said.
“For decades, the Hampshire Cos. name has been synonymous with excellence in commercial real estate asset management,” Walters said in a prepared statement. “We are confident that this deep experience, paired with their vision for 230 W. Crescent Ave., will ensure that it will soon become one of the area’s premier industrial properties and attract interest from a wide range of high-quality national and regional tenants.”
The borough took advantage of the demand for industrial space in Bergen County to earn capital for municipal improvements, NAI Hanson said.
“The industrial space shortage in Bergen County has created the ideal marketplace for owners who are hoping to realize capital currently tied up in real estate,” Walters said. “For municipalities, these opportunities are truly a win-win scenario, allowing them to not only realize a profit from the sales, but also to turn nonperforming assets into valuable long-term ratables for the local community.”
The property has spaces available starting at 25,000 square feet, with occupancy available in August, the firm said.
