240 Pegasus Ave. in Northvale — Courtesy: Resource Realty of Northern New Jersey
By Joshua Burd
A manufacturer of orthotic footwear is expanding with the help of Resource Realty of Northern New Jersey, having leased nearly 136,000 square feet of industrial space in recent months.
According to the brokerage team, the deals by OrthoFeet Inc. include long-term commitments of 71,870 square feet at 335 Chestnut St. and 52,108 square feet at 10 Maple St., both in Norwood, under deals with Alfred Sanzari Enterprises. The company also leased 11,896 square feet at 240 Pegasus Ave. in Northvale, owned by Maxum Realty Trust, for its headquarters.
Resource Realty Vice President Dan Whitehead represented the tenant, the firm said, noting that OrthoFeet is also taking possession of another 52,000 square feet of warehouse space in the area this month.
“These lease agreements speak to OrthoFeet’s commitment to remaining in place in the Norwood-Northvale area and expanding their presence within this uppermost northeastern quadrant of Bergen County,” said Whitehead, who has been with Resource Realty since 2009 and specializes in tenant and landlord representation assignments throughout New Jersey. “Since a majority of the company’s employee base resides throughout Bergen County and southern Rockland County, it was a priority for OrthoFeet to retain its presence and grow in the market where the company first got its start.”
Founded in 2000 by two brothers, OrthoFeet provides a patented product line of contouring orthotic-molded footwear that merges enhanced fit and comfort with attractive styling, according to a news release. Based on foot biomechanics and modern designs, the company’s shoe construction and orthotic insoles help improve mobility and relief from heel, foot, knee and lower back pain.
According to Whitehead, the six-acre 335 Chestnut St. property is within the Norwood Industrial Park and houses OrthoFeet’s primary warehouse and distribution operations. The company occupies nearly two-thirds of the multitenant building, which offers quick access to the Palisades Interstate Parkway and New York State Thruway for connections to the Garden State Parkway, Interstate 287, the George Washington Bridge and Gov. Mario M. Cuomo Bridge.
At 10 Maple St., an adjacent property, OrthoFeet’s full-building lease marks the company’s strategic warehouse and administrative office expansion, the news release said. The single-story industrial flex building also has amenities sought by industrial users, including tailgate loading docks.
Meantime, the company’s space in Northvale sits near the intersection of Pegasus Avenue and Livingston Street, the borough’s main thoroughfare with a mix of conveniences and dining options, including a McDonald’s, ShopRite, The UPS Store, T-Mobile, Verizon, Dunkin, Jersey Mike’s, Panera Bread and Starbucks.
