Pantheon Sells 16-Acre NJ Industrial Site
- Aug 30, 2017
Pantheon disposed of its 207,193-square-foot Northvale, N.J., industrial space to a private investment group led by Duvi and Tuli Blumenberg. The 16.3-acre asset sold for $12.1 million.
Cushman & Wakefield’s Metropolitan Area Capital Markets Group of Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Larkin and Andrew Siemsen represented the seller.
Located at 251 Union St., the 1965-built property features 280 parking spaces, 25- to 40-foot column spacing, 16-foot clear heights, sky lights, fire sprinklers, exhaust fans, loading doors, a 120-foot truck court and is also climate controlled, according to Yardi Matrix. Pantheon originally purchased the property in May of 1998 for $4.1 million from Renaissance Cosmetics, according to the same source. The company fully renovated the building prior to selling.
“The Northern Bergen County industrial market is very desirable but also land-constrained. It is one of the strongest industrial markets in the country,” said Schwartz, in prepared remarks. “The current tenant distributes nationally from the site, which is ideally situated at the New Jersey-New York border in one of the wealthiest counties in the nation with access to the New York City Metropolitan Area’s 23.4 million consumers.”
Cushman & Wakefield’s Metropolitan Area Capital Markets Group also facilitated the sale of 555 White Plains Road in Tarrytown, N.Y., to Mack-Cali Realty-owned Robert Martin Co.
Image courtesy of Yardi Matrix