Treetop buys New Jersey industrial property for $17.3m
Treetop Development acquired a 207,000 sq ft industrial property in Northvale, New Jersey, for $17.3m. Built in 1970, the facility features 40-foot-by-25-foot column spacing, ceiling heights of 16 feet to 18 feet, 20 loading docks and 17,178 sq ft of office space. Resting on a 16.3 acre site, the building has the capacity to expand by an additional 50,000 sq ft subject to city approvals. CBRE, which represent both the buyer and seller, Vale 521, will be retained as the leasing agent for the property.
“Treetop Development has traditionally focused on multifamily properties in New York and affordable housing nationwide but has started looking to diversify its portfolio and start heavily focusing on the New Jersey industrial market, as it is a continually growing asset class with tremendous value-add opportunity. 251 Union Avenue was an ideal opportunity to acquire a well-located industrial property in one of the nation’s hottest industrial markets,” said Elli Klapper, senior vice president at CBRE.