183 Three Brooks Road in Freehold — Courtesy: CBRE
By Joshua Burd
A developer and investor has acquired a nearly 120,000-square-foot warehouse in Freehold, its second industrial deal in two months, in a newly announced transaction by CBRE.
Brokers with the firm represented the buyer, Treetop Development, in its purchase of 183 Three Brooks Road. The Teaneck-based real estate company acquired the 118,400-square-foot complex for $11.95 million.
“Due to a low vacancy rate in the Exit 8A submarket, tenants are demanding quality options in areas slightly further away from the New Jersey Turnpike in more suburban locations,” said Elli Klapper, a senior vice president with CBRE. “This asset provided our client with a tremendous value-add opportunity to meet this demand in one of the nation’s hottest industrial markets.”
Klapper and fellow investment sales broker Charles Berger completed the assignment on behalf of Treetop, working alongside industrial brokers Kevin Dudley, Stephen Beyda and Robert Pine. The team of Klapper, Dudley, Beyda and Pine also negotiated a 10-year lease for the entire property with Resurge, a third-party logistics provider, during the due diligence phase of the sale.
Cushman & Wakefield represented the seller, IVC.
The deal comes two months after Treetop closed on its purchase of 251 Union Ave. in Northvale, a 207,000-square-foot property, for $17.9 million. CBRE also represented Treetop in that transaction, noting that its client is looking to diversify beyond a long-held portfolio of multifamily and affordable housing properties.
Built in 1989, 183 Three Brooks Road is a single-tenanted industrial facility sitting on 15.72 acres, CBRE said. The property boasts modern sprinklers, humidity and temperature-controlled systems and a brand new roof and structure, with a location just south of Route 33 and east of Route 9.
That means the site offers quick access to routes 18 and 537, Interstate 195 and the New Jersey Turnpike.