CBRE announced the $11.95 million sale of a 118,400 square foot industrial property located at 183 Three Brooks Rd. in Freehold. Treetop Development acquired the asset from IVC. The acquisition is the second transaction arranged by CBRE on behalf of Treetop. The firm completed the purchase of 251 Union Avenue in Northvale, a 207,000 square foot warehouse, in September for $17.9 million.
The CBRE Tri-State Investment Properties team of Elli Klapper and Charles Berger, along with industrial colleagues Kevin Dudley, Stephen Beyda and Robert Pine, represented Treetop Development in the negotiations.
“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 Klapper, senior vice president, 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.”
In addition to the sale, CBRE negotiated a 10-year lease for the entire property with Resurge, a third party logistics provider. The CBRE team of Klapper, Dudley, Beyda and Pine negotiated the lease during the due diligence phase.
Built in 1989, 183 Three Brooks Road is a single-tenanted industrial facility situated on 15.72 acres of land. The property boasts new ESFR sprinklers, humidity and temperature-controlled systems and a brand-new roof and structure. It is ideally located on Routes 9 and 33, within minutes of Routes 18 and 537 and Interstate 195, approximately 15 miles east of the New Jersey Turnpike on Exit 8, 55 miles south of New York City and 61 miles northeast of Philadelphia.
Treetop Development, a Teaneck New Jersey based real estate firm, has traditionally focused on multifamily properties in New York and affordable housing nationwide but is diversifying its portfolio with the acquisition of New Jersey industrial properties in centrally located markets. The CBRE Investment Properties Team is serving as the exclusive advisor for Treetop Development and is currently negotiating the acquisition of multiple other properties in New Jersey for the company.
IVC was represented by Cushman & Wakefield.
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