156 and 176 Greenwood Ave. in Midland Park — Courtesy: Cushman & Wakefield
By Joshua Burd
A local owner and developer has sold a nearly 39,000-square-foot industrial portfolio in Midland Park for $11 million, brokers with Cushman & Wakefield announced Friday.
The buildings, located at 156 and 176 Greenwood Ave., traded for $285 per square foot after recent renovations and thanks to their location near routes 208, 17 and 4 and other major highways. C&W’s Gary Gabriel, Kyle Schmidt and Seth Zuidema represented the seller, VanRock Properties, and procured the buyer, Bassen Properties.
“156 and 176 Greenwood Avenue represented a rare low-coverage Bergen County opportunity,” Schmidt said. “This opportunity provides the purchaser with income stability, being fully leased to two long-term tenants in a market with high barriers to entry and very limited product with excess parking.”
In announcing the deal, C&W said the 38,500-square-foot portfolio sits on 3.84 acres, with each building having new HVAC units, enhanced facades and parking upgrades.
