ALLENDALE, N.J., August 1, 2018 - Cushman & Wakefield investment sales, leasing and financing specialists orchestrated the $50.5 million sale of Allendale Industrial Park in Allendale, N.J. A joint venture between Camber Real Estate Partners, Advance Realty and AIG purchased the seven-building, 368,863-square-foot property — home to global medical company Stryker Spine, Volkswagen Group of America and other quality tenants — from High Street Realty Company, LLC. The offer drew robust interest from private investors and from institutions.
Cushman & Wakefield's East Rutherford-based investment sales team members Gary Gabriel, Kyle Schmidt and Andrew MacDonald, along with Andy Merin, David Bernhaut and Brian Whitmer brought the 35-acre asset to market, targeted select investor entities and procured the buyers. The global commercial real estate services firm's Andrew Siemsen was involved on the leasing side, and John Alascio, Sridhar Vankayala and Noble Carpenter III from Cushman & Wakefield's Equity, Debt & Structured Finance team arranged acquisition financing for the buyers.
Strategically located within a defined business park, Allendale Industrial Park includes 1-3 and 5-7 Pearl Court, and 59 Route 17 South. In addition to functional and divisible shallow-bay buildings and 985 parking spaces, a Route 17 location in Bergen County offers easy access to New York City, and major roadways including the New York State Thruway, the Garden State Parkway, Interstate 287, Route 202 and Interstate 80.
"Investment opportunities such as this rarely come along in Bergen County," observed Gabriel. "The property's appeal was enhanced by its consistently high occupancy and the presence of tenants such as Stryker and Volkswagen, which represent 47% of the rentable area and have been in the park for an average of 24 years. Historically, Allendale Industrial Park has been institutionally owned and has enjoyed an exceptionally high tenant retention rate and occupancy."
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Evelyn Weiss Francisco