CBRE today announced the $10.5 million acquisition of a 120,000sq.ft. industrial property located at 10-50 Charles Street in Westwood, New Jersey by Treetop Development. The purchase is the third transaction arranged by CBRE on behalf of Treetop, with many more deals in the pipeline. In addition to the sale, CBRE has been retained to oversee the leasing at the property.
The CBRE Tri-State Investment Properties teamof Elli Klapper and Charles Berger, along with colleagues from the Advisory and Transaction Servicesteam, Kevin Dudley, William Waxman and Justin Passaretti,represented Treetop Development in the negotiations.
“This property is in an incredibly robust submarket, with a strong demand for smaller units due to companies downsizing,” said Klapper, senior vice president, CBRE. “It is ideal for a town like Westwood, which is in close proximity to major transportation hubs. This asset provided our client with a tremendous value-add opportunity to meet this demand in one of the nation’s hottest industrial markets.”
10-50 Charles Street is a 120,000sq.ft. single-story industrial facility that features 10,000 sq. ft. of office space, parking for 100 cars, 14’-22’ clear ceilings, dock seals and eight tailgate doors, all on 6.5 acres.Ownership intends to repurpose the property into smaller spaces: one with 40,000 sq. ft. and an additional seven flex spaces with 10,000 sq. ft. each.
“While Treetop Development has traditionally focused on multifamily properties in New York,we are thrilled to be entering the New Jersey industrial market,” saidAdam Mermelstein,Principal at Treetop Development. “We have plans to infuse significant capital to update and modernize existing industrial space, as well as build new ground up buildings.”
The CBRE Investment Properties Team is serving as the exclusive advisor for Treetop Development. Thomas Nuara of Resource Realty represented the seller during the transaction.
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.
