Allendale, NJ — NAI James E. Hanson has negotiated the sale of a 114,500 s/f industrial building at 230 W. Crescent Ave. in Allendale. NAI James E. Hanson’s Michael Walters, SIOR represented the buyer, The Hampshire Companies, in the transaction with the Borough of Allendale.
Centrally located between the Garden State Parkway and Interstate 287, 230 W. Crescent Avenue features 102,000 square feet of warehouse space and 12,500 square feet of office space just blocks from downtown Allendale. In addition, the building boasts 18’-22’ 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 Avenue to a leading institutional real estate investor and redeploy the capital earned from the sale to fund municipal improvements.
The Hampshire Companies will undertake an ambitious 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.”
Walters added, “For decades, The Hampshire Companies name has been synonymous with excellence in commercial real estate asset management. We are confident that this deep experience paired with their vision for 230 W. Crescent Avenue will ensure that it will soon become one of the area’s premier industrial properties and attract interest from a wide range of high-quality national and regional tenants.”