April 22, 2019
NAI James E. Hanson 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 and 5-7 Pearl Ct. and 59 Rt. 17 South in Allendale, NJ. The assignment will be handled by the firm’s Kenneth Lundberg and Patrick Lennon.
Purchased last summer by a joint venture of Camber Real Estate Partners and Advance Realty, the industrial park claims a tenant roster that includes Volkswagen, Stryker Spine and Leica Camera. Currently, the park, which was constructed between 1977 and 1980, stands at 93% occupied.
“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,” said Lundberg. “We look forward to continuing to secure the high occupancy this park has enjoyed for many years.”
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