Pantheon Sells 16-Acre NJ Industrial Site

By IvyLee Rosario

251 Union St., Northvale, N.J.

Pantheon disposed of its 207,193-square-foot Northvale, N.J., industrial space to a private investment group led by Duvi and Tuli Blumenberg. The 16.3-acre asset sold for $12.1 million.

Cushman & Wakefield’s Metropolitan Area Capital Markets Group of Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Larkin and Andrew Siemsen represented the seller. 

Desirable Location 

Located at 251 Union St., the 1965-built property features 280 parking spaces, 25- to 40-foot column spacing, 16-foot clear heights, sky lights, fire sprinklers, exhaust fans, loading doors, a 120-foot truck court and is also climate controlled, according to Yardi Matrix. Pantheon originally purchased the property in May of 1998 for $4.1 million from Renaissance Cosmetics, according to the same source. The company fully renovated the building prior to selling. 

“The Northern Bergen County industrial market is very desirable but also land-constrained. It is one of the strongest industrial markets in the country,” said Schwartz, in prepared remarks. “The current tenant distributes nationally from the site, which is ideally situated at the New Jersey-New York border in one of the wealthiest counties in the nation with access to the New York City Metropolitan Area’s 23.4 million consumers.” 

Cushman & Wakefield’s Metropolitan Area Capital Markets Group also facilitated the sale of 555 White Plains Road in Tarrytown, N.Y., to Mack-Cali Realty-owned Robert Martin Co. 

Image courtesy of Yardi Matrix