{"id":1004188915,"date":"2017-08-30T10:28:11","date_gmt":"2017-08-30T18:28:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004188915"},"modified":"2022-12-07T16:46:52","modified_gmt":"2022-12-08T00:46:52","slug":"pantheon-sells-16-acre-nj-industrial-site","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pantheon-sells-16-acre-nj-industrial-site\/","title":{"rendered":"Pantheon Sells 16-Acre NJ Industrial Site"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004188950\" style=\"width: 356px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/251-Union-St.-Northvale-N.J..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004188950\" data-attachment-id=\"1004188950\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pantheon-sells-16-acre-nj-industrial-site\/251-union-st-northvale-n-j\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/251-Union-St.-Northvale-N.J..jpg\" data-orig-size=\"400,310\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"251 Union St., Northvale, N.J.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;251 Union St., Northvale, N.J.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/251-Union-St.-Northvale-N.J..jpg?w=400\" class=\"wp-image-1004188950 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/251-Union-St.-Northvale-N.J..jpg\" alt=\"251 Union St., Northvale, N.J.\" width=\"346\" height=\"269\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/251-Union-St.-Northvale-N.J..jpg 400w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/251-Union-St.-Northvale-N.J..jpg?resize=300,233 300w\" sizes=\"auto, (max-width: 346px) 100vw, 346px\" \/><\/a><p id=\"caption-attachment-1004188950\" class=\"wp-caption-text\">251 Union St., Northvale, N.J.<\/p><\/div>\n<p>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.<\/p>\n<p>Cushman &amp; Wakefield&#8217;s Metropolitan Area Capital Markets Group of Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Larkin\u00a0and\u00a0Andrew Siemsen\u00a0represented the seller.\u00a0<\/p>\n<h2>Desirable Location\u00a0<\/h2>\n<p>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.\u00a0<\/p>\n<p><em>\u201cThe Northern Bergen County industrial market is very desirable but also land-constrained. It is one of the strongest industrial markets in the country,\u201d<\/em> said Schwartz, in prepared remarks.\u00a0<em>\u201cThe 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\u2019s 23.4 million consumers.\u201d\u00a0<\/em><\/p>\n<p>Cushman &amp; Wakefield&#8217;s Metropolitan Area Capital Markets Group also\u00a0facilitated the sale of\u00a0<a href=\"https:\/\/www.commercialsearch.com\/news\/rny-property-trust-continues-ny-area-disposition-plan\/\">555 White Plains Road in Tarrytown<\/a>, N.Y., to Mack-Cali Realty-owned Robert Martin Co.\u00a0<\/p>\n<p><em>Image courtesy of Yardi Matrix\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cushman &amp; Wakefield&#8217;s Metropolitan Area Capital Markets Group negotiated the sale on behalf of the seller. Pantheon originally purchased the property in 1998 for $4.1 million. <\/p>\n","protected":false},"author":746,"featured_media":1004188950,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21748,1600,21742,10],"tags":[37401,34896],"class_list":["post-1004188915","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-industrial","category-new-york","category-latest","category-northeast","tag-andrew-schwartz","tag-cushman-wakefield"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pantheon Sells 16-Acre NJ Industrial Site - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pantheon-sells-16-acre-nj-industrial-site\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pantheon Sells 16-Acre NJ Industrial Site\" \/>\n<meta property=\"og:description\" content=\"Cushman &amp; Wakefield&#039;s Metropolitan Area Capital Markets Group negotiated the sale on behalf of the seller. Pantheon originally purchased the property in 1998 for $4.1 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pantheon-sells-16-acre-nj-industrial-site\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-08-30T18:28:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T00:46:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/251-Union-St.-Northvale-N.J..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"310\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"IvyLee Rosario\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pantheon-sells-16-acre-nj-industrial-site\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pantheon-sells-16-acre-nj-industrial-site\/\",\"name\":\"Pantheon Sells 16-Acre NJ Industrial Site - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pantheon-sells-16-acre-nj-industrial-site\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pantheon-sells-16-acre-nj-industrial-site\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/251-Union-St.-Northvale-N.J..jpg\",\"datePublished\":\"2017-08-30T18:28:11+00:00\",\"dateModified\":\"2022-12-08T00:46:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pantheon-sells-16-acre-nj-industrial-site\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/pantheon-sells-16-acre-nj-industrial-site\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pantheon-sells-16-acre-nj-industrial-site\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/251-Union-St.-Northvale-N.J..jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/08\/251-Union-St.-Northvale-N.J..jpg\",\"width\":400,\"height\":310,\"caption\":\"251 Union St., Northvale, N.J.\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pantheon-sells-16-acre-nj-industrial-site\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Pantheon Sells 16-Acre NJ Industrial Site\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/f2094ece0e063845f848c7f1c7b84780\",\"name\":\"IvyLee Rosario\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/IvyLee_Rosario.jpg?w=67\",\"caption\":\"IvyLee Rosario\"},\"description\":\"IvyLee Rosario is a Senior Associate Editor for Commercial Property Executive and Multi-Housing News. 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