Treetop Development, the investment and development firm run by Adam Mermelstein and Azi Mandel, has signed two industrial leases as the company continues to diversify its traditionally residential portfolio.
Turkish denim brand Mavi Jeans and commercial printer Digital Lizard have taken 67,000 s/f of space at Treetop’s 120,000 s/f property at 10-50 Charles Street in Westwood, NJ.
A CBRE team of Kevin Dudley, Bill Waxman and Nick Klacik, in conjunction with Elli Klapper, represented Treetop Development in the negotiations.
Founded in Istanbul in 1991, Mavi has become a leading international lifestyle brand, selling its products in 34 countries through its own stores and via partners such as Bloomingdale’s and Nordstrom.
Mavi is relocating from a facility in Secaucus to occupy 42,507 s/f of showroom and distribution space at 10-50 Charles Street. Digital Lizard, a leader in traditional and digital print technology leased 24,630 s/f of space.
CBRE brokered the sale of the property to Treetop last year and, according to Dudley, the developer upgraded the long-vacant space to cater to modern industrial tenants.
“The renovations undertaken by ownership were instrumental in attracting major companies and achieving record rents in the market,” said Dudley, noting that the 55,000 s/f of remaining space at the property can be divided to suit tenant requirements.
Located in the northeast Bergen County submarket with easy access to the New Jersey Turnpike, 10-50 Charles Street is a single-story industrial facility with 10,000 s/f of office space, parking for 127 cars, 14 to 22 ft. clear ceilings, dock seals and eight tailgate doors, all on 6.5 acres.
Since entering the New Jersey industrial market last year, Treetop has acquired a trio of other properties at 251 Union Street, Northvale; 183 Three Brooks Road, Freehold and; 500 Halls Mill Road, Freehold.
While the company has traditionally focused on multifamily properties in New York, Adam Mermelstein, principal at Treetop Development, said, “As Treetop continues to bolster its portfolio in the Garden State, we plan to invest in this value-add strategy not only at 10-50 Charles Street, but other industrial sites as well.”