500 Halls Mill Road, Freehold. – CBRE
CBRE on Monday said Treetop Development acquired an $8.8 million industrial property in Freehold – closing the fourth transaction by the company arranged by CBRE, which will continue to exclusively represent the investor in additional acquisitions throughout the state.
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.
Treetop says it plans to redevelop the site to create a state-of-the-art cross dock facility of approximately 200,000 square feet, with 36-foot clear ceiling heights.
Located at 500 Halls Mill Road, the 154,824-square-foot single-story industrial facility sits on 19.02 acres of land. The property offers easy access to Routes 9 and 33 and is within close proximity to the New Jersey Turnpike and Garden State Parkway.
“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.”
“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,” said Adam Mermelstein, a principal at Treetop Development.
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January 13, 2020 at 11:13PM
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CBRE arranges $8.8M purchase of Freehold industrial property - NJBIZ
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