251 Union Ave. in Northvale — Courtesy: CBRE
By Joshua Burd
A longtime multifamily investor is expanding into the industrial space, acquiring a 207,000-square-foot warehouse property in Northvale for nearly $18 million.
Brokers with CBRE announced Tuesday that the buyer, Treetop Development, has acquired 251 Union Ave. from New York-based Vale 521 LLC. The Teaneck-based firm now plans to spend “significant capital” upgrading the property, which is just south of the New York State border.
CBRE represented both sides in the $17.9 million deal. Elli Klapper and Charles Berger represented Treetop Development, while Kevin Dudley, Geoffrey Schubert and Justin Passaretti represented the seller.
“Treetop Development has traditionally focused on multifamily properties in New York and affordable housing nationwide, but has started looking to diversify its portfolio and start heavily focusing on the New Jersey industrial market, as it is a continually growing asset class with tremendous value-add opportunity,” said Klapper, a senior vice president with the firm. “251 Union Avenue was an ideal opportunity to acquire a well-located industrial property in one of the nation’s hottest industrial markets.”
Built in 1970, the complex sits on 16.3 acres and features 40-foot-by-25-foot column spacing, ceiling heights of 16 feet to 18 feet, 20 loading docks and 17,178 square feet of office space, according to a news release. CBRE also noted that the building is expandable by 50,000 square feet, subject to city approvals.
Ownership has also appointed CBRE as its leasing agent at the property. Led by Dudley, the leasing team has negotiated a 100,328-square-foot lease with Chateau-Express, a wine distributor that moved its operations from New York to New Jersey. The building has 106,864 square feet of available space remaining.
CBRE added that its investment properties team is also negotiating four other properties in New Jersey for Treetop Development.