140 Legrand Ave. — Courtesy: The Hampshire Cos.
By Joshua Burd
The Hampshire Cos. has sold an 82,524-square-foot commercial building in Northvale to a firm that will take up occupancy at the property alongside an existing tenant.
In a news release Thursday, Hampshire announced the sale of the industrial and flex building at 140 Legrand Ave. The buyer, Trasco Realty LLC, will join Abon Pharmaceuticals in the building.
Terms were not disclosed. Andrew Somple and Michael Walters of NAI James E. Hanson represented Hampshire in the transaction.
“It is no secret that the limited supply of well-located Bergen County industrial properties coupled with high demand has led to substantially higher asking prices for these types of spaces,” Igor Derbaremdiker, director of dispositions for Morristown-based Hampshire, said in a prepared statement. “140 Legrand is precisely that kind of property, due to its supreme location and adaptability for a wide range of uses.
“The deal provided Hampshire with an opportunity to take advantage of the tightening industrial market and create significant value for our investors from an existing asset while enabling the new buyer to secure a cash flow from the existing lease while utilizing the remaining available leasable space for their business.”
The freestanding building includes 72,524 square feet of industrial space with 10,000 square feet of office space on about five acres. It has six loading docks and a location in the heart of northeast Bergen County, with easy access to the Tappan Zee and George Washington bridges and all Northeast Corridor highways.
“The Hampshire investment strategy relies on opportune and strategic dispositions of well-positioned assets in strong markets,” said John Goldsmith, portfolio manager at Hampshire Companies. “Through a timely disposition of this asset, we were able to maximize our investment in this property and execute our overall strategy while the new owner was able to acquire a highly desirable industrial building at a price significantly below replacement cost.”