NAI James E. Hanson Named Exclusive Leasing Brokerage for 370,000-Square-Foot Flex Park in Allendale, N.J.
Allendale, N.J. (April 17, 2019) – NAI James E. Hanson announces it has been named the exclusive leasing agent for The Allendale Industrial Park, a 370,000-square-foot, seven-building flex/industrial park, at 1-3, 5-7 Pearl Court and 59 Route 17 South in Allendale, N.J. The assignment will be handled by NAI James E. Hanson’s Kenneth Lundberg, SIOR, and Patrick Lennon.
Purchased in the summer of 2018 in a joint venture between Camber Real Estate Partners and Advance Realty, the 370,000-square-foot industrial park boasts a diverse roster of quality tenants including Volkswagen, Stryker Spine, and Leica Camera. The seven buildings are situated feet away from Route 17 with easy access to Interstates 80 and 87, the New Jersey Turnpike, and the Garden State Parkway placing over 1.5 million people within a 20-mile radius of the park. Additionally, the park is located in the affluent Bergen County suburb of Allendale which provides companies with a highly educated workforce and offers employees a wide range of easily accessible community amenities.
Constructed between 1977 and 1980, each of the buildings making up The Allendale Industrial Park feature 20’-24’ ceiling heights, dedicated loading docks, and individual storefront access in a park-like setting. As one of the most in-demand industrial parks in the Upper Bergen submarket, the property has seen extraordinary tenant retention and high occupancy throughout its history. Two of the property’s highest profile tenants each boast tenancies of almost 25 years. Currently, the park stands at 93 percent occupied with the only vacancies are 20,500-square-feet at 3 Pearl Street and 7,500-square-feet at 6 Pearl Court.
“Year-over-year, the Upper Bergen industrial submarket has seen a precipitous decline in overall vacancy rates with a matching rise in asking prices for spaces like The Allendale Industrial Park. In such a highly competitive market, it is important to select a leasing team that understands the local market and has significant experience in the ongoing leasing of similar assets,” said Lundberg. “We look forward to continuing to secure the high occupancy this park has enjoyed for many years and working with Camber and Advance to ensure that The Allendale Industrial Park remains the best industrial park in northern NJ.”
The team of Kenneth Lundberg, SIOR, and Patrick Lennon is among northern New Jersey’s top brokerage teams. In 2018 alone, Lundberg and Lennon negotiated 1,157,933 square feet in transactions for a total aggregate transaction value of $114,000,000. Their notable transactions include a 354,250-square-foot transaction at 1000 High Street in Perth Amboy, a 271,176-square-foot industrial lease for a spec warehouse project at 100 Performance Drive in Mahwah, and a 165,090-square-foot industrial lease at 2501 71st Street in North Bergen.
Interested tenants should visit www.allendaleindustrial.com for more information about the property or contact NAI James E. Hanson listing brokers Kenneth Lundberg, SIOR, at 201-478-7378 or firstname.lastname@example.org or Patrick Lennon at 201-478-7374 or email@example.com.
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