463 Barell Ave. in Carlstadt — Courtesy: Team Resources Inc.
(Editor’s note: This story has been updated with new information and a quote from NAI James E. Hanson, which represented the seller.)
By Joshua Burd
An importer of headwear products has acquired a nearly 77,000-square-foot industrial building in Carlstadt, under a newly announced transaction by Team Resources Inc.
The buyer, Cheveux Corp., purchased the property at 463 Barell Ave. as part of a plan to relocate from Ridgefield, Team Resources said. Its new home is a two-story, 76,625-square-foot complex with two tailboard and six drive-in doors, along with heavy power and ample parking.
Team Resources’ Joseph Manganaro and Eric Lewin and Charles Rutenberg Realty Inc. represented Chevreux in the deal. NAI James E. Hanson’s Scott Perkins, Thomas Vetter, Jeff DeMagistris and Christopher Todd represented the seller, Penwood Real Estate Investment Management.
“The building, with its central location and easy access to many of the area highways, allows Cheveux to distribute its products to their expanding customer base in an efficient manner,” Manganaro said. “It also provides the company with the space it needs to support its growth.”
NAI Hanson noted that Penwood acquired the property last year. The firm originally planned to reposition the formerly multitenant industrial building into a single-tenant property, but later determined that marketing it for sale instead would yield the highest value for the asset.
Penwood retained the NAI Hanson team to sell the building in recognition of its extensive leasing experience at the property.
“In competitive markets like the Meadowlands, there is no substitute for experience when it comes to selecting a brokerage firm,” Perkins said. “With the challenges presented by COVID-19 and the continued high demand seen in this market, our local experience provides our clients with unparalleled insight and expertise to ensure they can close real estate transactions in line with their goals, no matter the market conditions.”
