CBRE completed the $40.5 million transaction of a four-building complex within the Monmouth Business Campus in Wall Township, according to a Thursday announcement.
Treetop Cos. acquired the assets, which are comprised of a mix of flex buildings featuring loading capabilities and warehouse space.
The CBRE Investment Properties team of Charles Berger, Elli Klapper, Mark Silverman and Jeremy Wernick negotiated the transaction between the two parties, while CBRE’s Jason Gaccione and Shawn Rosenthal arranged acquisition financing on behalf of the buyer.
“Treetop Cos. has closed numerous transactions over the years and are delighted to complete the acquisition of these four assets with strong value-add potential during a very challenging environment for capital markets,” Berger said. “Given that many of the recent leases being signed at the campus are for warehouse space through the conversion of offices, new ownership will be able to take advantage of the continued strong demand for industrial product in the market.”
“Treetop is thrilled to acquire these four industrial facilities in Wall Township as we continue to build upon our Monmouth County presence,” Azi Mandel, managing member at Treetop Cos., said.
Comprised of 1324 Wyckoff Road, 1433 State Route 34, 1340 Campus Parkway and 1345 Campus Parkway, the properties range in size from 20,000 to 80,000 square feet, accommodating a diverse tenant base with various space needs and attributing to the complex’s high occupancy rate.
The portfolio is ideally positioned and offers immediate access off Route 33 and Route 34 and is less than two miles from the Garden State Parkway (Exits 100 & 98). The area is well-served by local amenities and is a short drive from New Jersey’s desirable beach towns and affluent Monmouth County communities.