CBRE said Tuesday it recently sold a 207,000-square-foot industrial property located at 251 Union Ave. in Northvale for $17.9 million. Treetop Development acquired the asset from New York-based Vale 521 LLC.
The CBRE team of Elli Klapper and Charles Berger represented Treetop Development in the negotiations. Vale 521 LLC, was represented by CBRE’s Kevin Dudley, Geoffrey Schubert and Justin Passaretti.
In addition to the sale, CBRE was appointed the exclusive leasing agent of the property and has already negotiated a 100,328-square-foot lease with Chateau-Express, a wine distributor who moved their operations from New York to New Jersey.
The new landlord plans on spending significant capital upgrading the property.
251 Union Ave. sits on 16.3 acres and features 40-foot-by-25-foot column spacing, ceiling heights of 16 feet to 18 feet, 20 loading docks and 17,178 square feet of office space. In addition, the building is expandable by 50,000 square feet subject to city approvals.