CBRE today announced the $8.8 million acquisition of a 154,824 sq.ft. industrial property located at 500 Halls Mill Road in Freehold, New Jersey
by Treetop Development. The purchase is the fourth transaction arranged by CBRE on behalf of Treetop, and the firm will continue to exclusively represent the investor in additional acquisitions throughout New Jersey. In addition to the sale, CBRE has been retained to oversee the leasing at the property.
The CBRE Tri-State Investment Properties team of Elli Klapper and Charles Berger, along with the CBRE Advisory and Transactions Services team of Kevin Dudley, David Gheriani, Robert Pine and Justin Passaretti, represented Treetop Development in the negotiations.
“This property represented the ideal investment opportunity for our client—a robust submarket with low availabilities and a strong demand for quality industrial space,” said Dudley, Senior Vice President, CBRE. “Due to a low vacancy rate in the Exit 8A market, tenants are now demanding quality options in areas slightly further away from the New Jersey Turnpike in more suburban markets, and 500 Halls Mill Road fits the bill perfectly.”
500 Halls Mill Road is a 154,824 sq.ft. single-story industrial facility on 19.02 acres of land. The property offers easy access to Route 9 and Route 33 and is 14 miles to the New Jersey Turnpike, eight miles to the Garden State Parkway and surrounded by office, residential and prominent shopping centers. Treetop plans to redevelop the site to create a new, state-of-the-art cross dock facility of approximately 200,000 sq. ft, with 36-foot clear ceiling heights.
“This is our second industrial purchase in Freehold, NewJersey. We see the 8A market,specifically Freehold, as one that will continue to expand and we are excited to be at the forefront of such growth,” said Adam Mermelstein, a principal at Treetop Development. “In 2020 we expect to continue to bolster our industrial portfolio in the Garden State and are aggressively looking to buy existing industrial buildings, as well as bring to market state-of-the-art new construction industrial sites, such as 500 Halls Mill Road,” Mr. Mermelstein continued.
Treetop Development has traditionally focused on multifamily properties in New York and affordable housing nationwide but is diversifying its portfolio with the acquisition of New Jersey industrial properties in centrally located markets. The CBRE Investment Properties Team is serving as the exclusive advisor for Treetop Development.
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.
