Cushman & Wakefield orchestrated the $50.5 million sale of Allendale Industrial Park in Allendale. A joint venture between Camber Real Estate Partners, Advance Realty and AIG purchased the seven-building, 368,863-square-foot property, which is home to global medical company Stryker Spine, Volkswagen Group of America, and other tenants — from High Street Realty Company, LLC.
Strategically located within a defined business park, Allendale Industrial Park includes 1-3 and 5-7 Pearl Court, and 59 Route 17 South. In addition to functional and divisible shallow-bay buildings and 985 parking spaces, a Route 17 location in Bergen County offers easy access to New York City, and major roadways including the New York State Thruway, the Garden State Parkway, Interstate 287, Route 202 and Interstate 80.
Cushman & Wakefield’s East Rutherford-based investment sales team members Gary Gabriel, Kyle Schmidt and Andrew MacDonald, along with Andy Merin, David Bernhaut and Brian Whitmer brought the 35-acre asset to market, targeted select investor entities and procured the buyers. The global commercial real estate services firm’s Andrew Siemsen was involved on the leasing side, and John Alascio, Sridhar Vankayala and Noble Carpenter from Cushman & Wakefield’s Equity, Debt & Structured Finance team arranged acquisition financing for the buyers.
“Investment opportunities such as this rarely come along in Bergen County,” observed Gabriel. “The property’s appeal was enhanced by its consistently high occupancy and the presence of tenants such as Stryker and Volkswagen, which represent 47 percent of the rentable area and have been in the park for an average of 24 years. Historically, Allendale Industrial Park has been institutionally owned and has enjoyed an exceptionally high tenant retention rate and occupancy.”
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