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Municipally-Owned Allendale Warehouse Trades to Hampshire Companies
NAI James E. Hanson negotiated the sale of a 114,500-square-foot industrial building at 230 W. Crescent Ave. in Allendale, NJ. Terms weren’t disclosed.
The firm’s Michael Walters represented the buyer, the Hampshire Companies, in the transaction with the Borough of Allendale. Walters will partner with Richard Van Houten of the Van Houten Group to lease the property.
The Borough of Allendale will redeploy capital from the sale to fund municipal improvements.
“The industrial space shortage in Bergen County has created the ideal marketplace for owners who are hoping to realize capital currently tied up in real estate,” said Walters. “For municipalities, these opportunities are truly a win-win scenario, allowing them to not only realize a profit from the sales, but also to turn non-performing assets into valuable long-term ratables for the local community.”
- ◦Sale/Acquisition