Allendale Industrial Park in Allendale — Courtesy: NAI James E. Hanson
By Joshua Burd
A joint venture has tapped NAI James E. Hanson as the leasing agent for its recently acquired, 370,000-square-foot flex industrial park in northern Bergen County.
The property, the Allendale Industrial Park, is a seven-building complex encompassing 1-3 and 5-7 Pearl Court and 59 Route 17 South in Allendale. NAI Hanson’s Kenneth Lundberg and Patrick Lennon are now marketing a handful of spaces on behalf of Camber Real Estate Partners and Advance Realty, which acquired the campus last summer.
Developed between 1977 and 1980, buildings at the complex have 20- to 24-foot ceiling heights, dedicated loading docks and individual storefront access in a park-like setting, NAI Hanson said. The brokerage team touted the park’s historically high occupancy and tenant retention, thanks in part to its proximity to major highways and more than 1.5 million people within a 20-mile radius.
The complex, which is now 93 percent occupied, is home to tenants such as Volkswagen, Stryker Spine and Leica Camera, the news release said. NAI Hanson is marketing a combined 28,000 square feet across two units.
“Year-over-year, the Upper Bergen industrial submarket has seen a precipitous decline in overall vacancy rates with a matching rise in asking prices for spaces like The Allendale Industrial Park,” Lundberg said. “In such a highly competitive market, it is important to select a leasing team that understands the local market and has significant experience in the ongoing leasing of similar assets.
“We look forward to continuing to secure the high occupancy this park has enjoyed for many years and working with Camber and Advance to ensure that The Allendale Industrial Park remains the best industrial park in northern (New Jersey).”