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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!