CBRE today announced the $17.9 million sale of a 207,000-sq.-ft. industrial property located at 251 Union Avenue in Northvale, New Jersey. 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.

“Treetop Development has traditionally focused on multifamily properties in New York and affordable housing nationwide, but has started looking to diversify its portfolio and start heavily focusing on the New Jersey industrial market, as it is a continually growing asset class with tremendous value-add opportunity. 251 Union Avenue was an ideal opportunity to acquire a well-located industrial property in one of the nation’s hottest industrial markets,” noted Klapper, senior vice president, CBRE.

In addition to the sale, CBRE was appointed the exclusive leasing agent of the property and has already negotiated a 100,328±-sq.-ft. lease with Chateau-Express, a wine distributor who moved their operations from New York to New Jersey, again highlighting the strength of the New Jersey industrial market. Mr. Dudley spearheaded the transaction and CBRE and Mr. Dudley have been retained by Treetop Development to lease up the remaining 106,864± sq. ft. of the building. The new landlord plans on spending significant capital upgrading the property.

Built in 1970, 251 Union Avenue 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 sq. ft. of office space. In addition, the building is expandable by 50,000 sq. ft. subject to city approvals.

The Investment Properties Team is also currently negotiating four other properties in New Jersey for Treetop Development.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.