Cushman & Wakefield announced on July 28 it arranged the sale of the Ludlow Industrial Park, a three-building infill industrial asset that totals 193,235 square feet in Northvale, the heart of Bergen County. The final sale price was $27 million, equating to $140 per square foot.
A Cushman & Wakefield team of Gary Gabriel, Kyle Schmidt, Chuck Fern, Tom Tucci and Eli Millstein represented the seller in the transaction.
“We received significant interest from investors and users for this asset,” said Gabriel. “This sale is indicative of the unabated demand for functional, infill real estate.”
Located at 140, 150 and 170 Ludlow Ave., the industrial asset sits on more than 9 acres in Bergen County.
Fully occupied by RAB Lighting since 2016, the park features 21 loading positions, 228 car parks and varying clear heights up to 33 feet.
“Ludlow Industrial Park is ideally positioned to capitalize on the continued strength of eCommerce user demand. Occupiers will also benefit from the property’s incredible northeast regional access,” added Fern.
Ludlow Industrial Park is located less than 20 minutes from Interstate 87, Garden State Parkway, Palisades Interstate Parkway and the George Washington and Tappan Zee bridges. The property is accessible to 4.5 million consumers within a 15-mile radius.
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