Following the acquisition of 10-50 Charles Street in Westwood, New Jersey arranged by CBRE last November, Treetop Development began a capital improvements campaign that has attracted two new industrial tenants to the 120,000 sq. ft. facility. Recent upgrades and renovations include new LED lights, epoxy floors, white washing the interior and additional loading capacity, among others.
Mavi Jeans, a global denim and jeans-wear brand, inked a 42,507 sq. ft. lease, while Digital Lizard, a leader in traditional and digital print technology leased 24,630 sq. ft. of space. Only 55,000 sq. ft. remains available at the property - divisible to 12,000 and 15,000 sq. ft. units - a rare size in the northern New Jersey submarket.
The CBRE team of Kevin Dudley, Bill Waxman and Nick Klacik, in conjunction with Elli Klapper, represented Treetop Development in the negotiations.
“Prior to Treetop’s acquisition and subsequent investment in upgrading the property to meet the demands of modern industrial tenants, 10-50 Charles Street was vacant for six years,” said Mr. Dudley. “The renovations undertaken by ownership were instrumental in attracting major companies and achieving record rents in the market.”
“As Treetop continues to bolster its portfolio in the Garden State, we plan to invest in this value-add strategy not only at 10-50 Charles Street, but other industrial sites as well,” said Adam Mermelstein, a principal at Treetop Development.
Located in the highly desirable northeast Bergen County submarket with easy access to the New Jersey Turnpike, 10-50 Charles Street is a single-story industrial facility that features 10,000 sq. ft. of office space, parking for 127 cars, 14’-22’ clear ceilings, dock seals and eight tailgate doors, all on 6.5 acres.
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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.