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Adding up to more than 27 acres, and including a 112,000-square-foot office building, Treetop Cos. acquired three properties in Bridgewater.
CBRE arranged the $27 million acquisition of 1200, 1210 and 1220 Route 22 E. in the Somerset County municipality, the firm announced Dec. 1.
According to CBRE Senior Vice President Elli Klapper, the sale was a combination of two “very different types of transactions.”
“Treetop not only purchased a fantastic value-add medical office building, but they also purchased two adjacent land lots for future development,” he said in a statement.
Klapper was part of the CBRE Tri-State Investment Properties team along with Senior Vice President Charles Berger and Senior Associates Jeremy Wernick and Mark Silverman that worked on the deal in conjunction with Advisory & Transaction Senior Vice President Donald Sperling.
“Developers and investors recognize the importance of a strong in-place income stream, but also see the crucial need for developable land in today’s volatile market,” Berger said. “Since the pandemic there has been a major shift toward development, especially ones in strategic locations with excellent proximity to major transportation options.”
And Bridgewater is certainly accessible. Located minutes from Interstate 287, the property offers direct access to an array of major thoroughfares in the Garden State and beyond.
According to a statement from Treetop Development Principal Azi Mandel, the firm intends to seek approvals to construct an industrial building on the vacant land and is “excited about the opportunity to purchase a well maintained and well occupied cash flowing asset” in the interim.
Activity in the industrial market in recent years has prompted a closer look at where and how these types of developments spring up in the Garden State, with new warehouse development guidelines rolled out by the state in September. In October, Bridgewater released a new report reexamining the township’s master plan that referenced the new guidance as providing “an impetus for reevaluation of warehouses in Bridgewater,” citing the size, scope and location of new developments as concerns.
Teaneck-based Treetop‘s portfolio currently includes 12 properties in New Jersey, mostly multifamily properties, according to its website.
In all, the firm says it owns 9,000 units, 2.5 million square feet of industrial space, and has a pipeline of 8 million square feet of developable real estate.