230 West Crescent Ave. in Allendale — NAI James E. Hanson
By Joshua Burd
The Hampshire Cos. has acquired a nearly 115,000-square-foot industrial building in Allendale, with plans to modernize the property through a series of upcoming renovations.
According to NAI James E. Hanson, which brokered the sale, the structure at 230 West Crescent Ave. is currently vacant, featuring 102,000 square feet of warehouse space and 12,500 square feet of office space. Hampshire will replace the roof and make other improvements after acquiring it from the borough of Allendale for an undisclosed price.
NAI Hanson’s Michael Walters represented the buyer and will partner with Richard Van Houten of The Van Houten Group to lease the property.
“The industrial space shortage in Bergen County has created the ideal marketplace for owners who are hoping to realize capital currently tied up in real estate,” Walters said. “For municipalities, these opportunities are truly a win-win scenario, allowing them to not only realize a profit from the sales, but also to turn non-performing assets into valuable long-term ratables for the local community.”
Located between the Garden State Parkway and Interstate 287, the property has 18- to 22-foot ceiling heights, 19 tailgates and three drive-ins, according to a news release. The building is also blocks from downtown Allendale.
Upgrades at the building are slated to be completed later this summer, NAI Hanson said. The borough, meantime, will use proceeds from the sale to fund municipal improvements.
