The Monmouth Business Campus at 1324 Wyckoff Road, 1433 Route 34 and 1340 and 1345 Campus Parkway in Wall Township — Courtesy: CBRE
By Joshua Burd
Treetop Cos. has acquired more than 245,000 square feet of flex industrial space in Wall Township for $40.5 million, in a newly announced deal by CBRE.
In a news release, the brokerage team said the portfolio spans four buildings at 1324 Wyckoff Road, 1433 Route 34 and 1340 and 1345 Campus Parkway, ranging from 20,000 to 80,000 square feet. The Teaneck-based investor purchased the 245,484-square-foot Monmouth Business Campus from an undisclosed buyer.
“Treetop Companies 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,” CBRE’s Charles 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.”
Berger negotiated the deal alongside fellow brokers Elli Klapper, Mark Silverman and Jeremy Wernick, while CBRE’s Jason Gaccione and Shawn Rosenthal arranged acquisition financing.
“Treetop is thrilled to acquire these four industrial facilities in Wall Township as we continue to build upon our Monmouth County presence,” said Azi Mandel, Treetop’s managing member.
In announcing the deal, CBRE said the buildings have immediate access to routes 33 and 34 and are less than two miles from the Garden State Parkway.
