The Hampshire Companies Sells 82,524-Sq.-Ft. Northvale Industrial/Flex Building
Northvale, N.J. (May 4, 2017) -- The Hampshire Companies, a full service, private real estate investment firm, announced the sale of a 82,524-square-foot industrial/flex building in Northvale, N.J. to Trasco Realty, LLC. The multi-tenant building, located at 140 Legrand Avenue, is currently partially leased by Abon Pharmaceuticals. Trasco will occupy the remaining available space.
The free-standing industrial/flex building boasts 72,524 square feet of industrial space with 10,000 square feet of office space on 5.07 acres. The property’s six loading docks and ideal location in the heart of northeast Bergen County, with easy access to the Tappan Zee and George Washington Bridges as well as all northeast corridor highways, makes this a highly suitable and adaptable property for a wide range of possible uses.
“It is no secret that the limited supply of well-located Bergen County industrial properties coupled with high demand has led to substantially higher asking prices for these types of spaces,” said Igor Derbaremdiker, Director of Dispositions for The Hampshire Companies. “140 Legrand is precisely that kind of property, due to its supreme location and adaptability for a wide range of uses. The deal provided Hampshire with an opportunity to take advantage of the tightening industrial market and create significant value for our investors from an existing asset while enabling the new buyer to secure a cashflow from the existing lease while utilizing the remaining available leasable space for their business.”
“The Hampshire investment strategy relies on opportune and strategic dispositions of well-positioned assets in strong markets,” added John Goldsmith, Portfolio Manager at The Hampshire Companies. “Through a timely disposition of this asset, we were able to maximize our investment in this property and execute our overall strategy while the new owner was able to acquire a highly-desirable industrial building at a price significantly below replacement cost.”
Andrew Somple, SIOR, and Michael Walters, SIOR, of NAI James E. Hanson represented The Hampshire Companies in the transaction.
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