NAI James E. Hanson said July 7 it negotiated the sale of a 114,500-square-foot industrial building at 230 W. Crescent Ave. in Allendale.
NAI James E. Hanson’s Michael Walters represented the buyer, The Hampshire Cos., in the transaction with the Borough of Allendale. Walters will partner with Richard Van Houten of The Van Houten Group to lease the property.
Centrally located between the Garden State Parkway and Interstate 287, 230 W. Crescent Ave. features 102,000 square feet of warehouse space and 12,500 square feet of office space blocks from downtown Allendale.
The building boasts 18-foot to 22-foot ceiling heights, 19 tailgates and three drive-ins.
Recognizing the tremendous demand for industrial space in the Bergen County market, the Borough of Allendale saw an opportunity to sell 230 W. Crescent Ave. to a leading institutional real estate investor and redeploy the capital earned from the sale to fund municipal improvements.
The Hampshire Cos. will undertake a capital improvement plan for the currently vacant property that will include the replacement of its roof and other significant capital improvements, designed to bring the building up to modern industrial standards. The improvements are scheduled to be completed later this summer.
“The industrial space shortage in Bergen County has created the ideal marketplace for owners who are hoping to realize capital currently tied up in real estate,” said Walters. “For municipalities, these opportunities are truly a win-win scenario, allowing them to not only realize a profit from the sales, but also to turn non-performing assets into valuable long-term ratables for the local community.”
230 W. Crescent Ave. is scheduled for occupancy in August and currently has spaces available starting at 25,000 square feet.