Balanoff Industrial Team | Colliers
Due Diligence Document Hub

24 Andrews Drive · Woodland Park, NJ

Block 122, Lot 3.01| 4.70 acres · truck-terminal evaluation| OPRA Request 26-172
Balanoff Industrial Team Colliers · New Jersey
July 2026
Master Due Diligence Booklet
24 Andrews Drive Due Diligence Records Booklet
19-page PDF · Block 122, Lot 3.01 · 4.70 acres · Woodland Park, NJ
Original PDF (19 pp)
What this document isThe master booklet for the deal. It pulls the municipal record for 24 Andrews Drive into one place and reads every finding against the buyer's plan: convert the existing 21,439 SF office/garage into a cross-dock truck terminal and expand it. The record itself is mostly still outstanding. The Borough said its zoning and building file is too large to copy and must be reviewed in person (973-345-8100 x240), so the booklet is really a roadmap of what's confirmed, what's missing, and what to nail down before committing.

Where each of the nine record categories stands

1. Variances (all types)Outstanding. No records produced. A 1960 building on industrial land likely had bulk/parking variances that could cap the expansion
2. Building permit historyOutstanding. Watch for open, un-finaled permits that block new construction permits
3. Certificate of OccupancyOutstanding. Need to confirm the certified use and whether a terminal fits it
4. Code violation historyPartial. Borough confirms no outstanding violations as of 7/15/26, but gave no historical record
5. Inspection reports (bldg/elec/plumb/fire)Outstanding. Matters for retrofitting a 1960 building to modern dock/fire loads
6. Notices of violation / remediationPartial. None open now, but a closed remediation order could still restrict excavation
7. Site plan approvalsOutstanding. Sets the approved footprint, parking, circulation, and stormwater capacity
8. Use variance / conditional useOutstanding. The make-or-break item: is a terminal permitted, conditional, or variance-only?
9. Tax Assessor property cardProvided in full. The only complete item (see the OPRA & Tax Card tab).

Why it matters

  • The building is worth little. This is a land/site play. The tax card puts improvements at only ~18% of value. Underwrite the 4.7 acres and its utility, not the 1960 structure.
  • Whether a truck terminal is even allowed is unresolved. Item 8 is unanswered in the file, but the PavXpress LOI already confirms the Borough requires a use variance, so treat the terminal use as NOT as-of-right and price in the variance timeline and risk.
  • Expansion stacks a second approval on top. Added building area, trailer parking, and dock work will likely trigger a new site plan and possibly a fresh variance, separate from getting the terminal use approved in the first place.
  • One in-person file review closes most of the gaps. Categories 1 through 8 largely resolve at a single Code/Fire appointment (973-345-8100 x240). The OPRA response window runs to 7/23/26. Lock in the visit before then.
Summary of the 19-page due diligence booklet for 24 Andrews Drive, prepared by the Balanoff Industrial Team · Colliers · July 2026. Download the full PDF for chapter-level detail.
Drawing DZS40899 · Preliminary
DockZilla Cross-Dock Layout
4-sheet PDF · Drawn by Olson · 7/14/26 · Bidding only
Original PDF (4 sheets)
What this document isA preliminary dock-equipment layout package from DockZilla Co., stamped “NOT FOR CONSTRUCTION, FOR BIDDING PURPOSES ONLY.” A conceptual package to solicit contractor pricing for converting/expanding the building into a cross-dock trucking terminal. It is design intent, not a buildable plan.

Two configurations shown

Phase 1, Section A-ASingle run: 216' × 32' platform, (18) 4'×7' levelers, ±6", 115V, integrated shelters + doors.
Phase 2, Section B-B120' × 240' face, (37) levelers + a 30'×8' dock-to-ground ramp (16,000 lb), wrapping the footprint.
Platform spec (both)Solid-deck, 16K-lb capacity, non-impact vehicle restraints, egress stairs.
Combined scaleUp to 55 dock positions vs. the 21,439 SF office/garage on the tax card.

Why it matters

  • Clearest evidence of intended use and scale. Bring it to the Zoning/Code Officer. It shows concretely what the buyer intends to build.
  • Triggers entitlements. Almost certainly a new/amended COO and site plan approval; may push into conditional-use or use-variance territory.
  • Reconcile the cost. The two phases differ substantially. Reconcile against the $3.0M DockZilla line in the PavCorp model.
Source: DockZilla Co. drawing DZS40899, Rev A. Confidential, property of DockZilla Co.
Letter of Intent · Purchase Proposal
PavXpress Purchase Proposal (LOI)
Word · Noah Balanoff → Doug Struyk, Blueline Realty · 7/21/26
Original LOI (Word)
What this document isA non-binding LOI outlining the terms under which PavXpress would acquire 24 Andrews Drive (±27,326 SF facility on ±4.7 ac) with a seller leaseback. Binding only upon a fully executed PSA.

Key terms

Purchase Price$14,000,000
Earnest Money$200,000 within 2 business days of PSA; refundable absent purchaser default
Seller Leaseback120 months · 2.0 acres · $26,000/acre/mo NNN · 3.5% escalations
Investigation Period60 days; Phase 1 + soil borings; terminable at sole discretion
Use VarianceRequired to operate a trucking terminal, per the Borough.
Commission3.75% of sale price to Colliers, paid by Seller

Why it matters

  • Rent mismatch. LOI proposes $26,000/acre/mo; the PavCorp model runs $24,000/acre/mo. Reconcile before underwriting.
  • Use variance is confirmed required. Resolves the booklet's most decision-critical open item. The terminal use is NOT as-of-right and carries variance timeline risk.
Source: PavXpress Purchase Proposal LOI, 7/21/26, Colliers International NJ LLC. Non-binding.
Acquisition & Cash Flow Model
PavCorp 24 Andrews Drive Financial Model
Excel · Land-lease / leaseback · 10-year projection
Original model (Excel)
What this document isAn Excel model (Acquisition + 10-Year Cash Flow tabs) evaluating the purchase as a landlord play. The site is leased 100% to two tenants (Seller Leaseback 2.0 ac + PavXpress 2.7 ac). Financing folds a $3.0M DockZilla buildout into the acquisition.

Purchase, financing & Year 1

Purchase / DockZilla / Total$14.0M / $3.0M / $17.0M
Loan (85% LTV) / Equity$14,450,000 / $2,550,000
Rate / Amortization / Debt Service7.00% / 25 yr / $1,225,555
Year 1 NOI$1,353,600
Cap Rate (on $14.0M) / Yield (on $17.0M)9.67% / 7.96%
Year 1 Cash Flow / DSCR / CoC$128,045 / 1.10x / 5.02%

10-year trajectory (3.5% rent growth)

Cash Flow After DebtYr1 $128,045 → Yr5 $327,732 → Yr10 $619,263
Cumulative / DSCR / CoC by Yr10≈ $3.62M / 1.51x / 24.28%

Why it matters

  • Rent basis differs from the LOI. $24,000 here vs. $26,000/acre/mo in the PavXpress LOI.
  • Stress-test the $145K/yr OpEx once the cross-dock buildout adds site/structural maintenance.
  • Building SF (27,326) exceeds the tax card (21,439) by ~5,900 SF. Confirm this is post-expansion, not an inconsistency.
Source: 24 Andrews Model - Pav.xlsx (PavCorp). Returns are pre-tax, levered, driven by contracted rent growth.
Municipal Record · Tax Assessor Card
Property Record & Municipal Response
4-page PDF · Woodland Park · Tax + Fire Prevention
Original PDF (4 pp)
What this document isThe hard facts on the property from the Borough itself: the Tax Assessor's full property record card (ownership, size, age, assessed value, sale history) plus the Fire/Code department's one confirmation that there are no open violations today. This is the only part of the records request the Borough actually handed over. Everything else in the booklet still sits in the file awaiting an in-person review.

Tax card: key data points

Owner of Record24 Andrews Dr Associates, LLC (Colts Neck, NJ)
Building / YearOffice/Garage, 21,439 SF, built 1960 (eff. 1954)
Acreage / Class4.700 acres · 4A (Commercial)
Land / Improvement / Total (2026)$2,255,000 / $493,000 / $2,748,000
Zoning Neighborhood / VCS500 / A500
Prior Sales$775,000 (2014) → $1,480,000 (2015)

Why it matters

  • Land-dominated value. Improvements are ~18% of total. The 1960 building is functionally obsolete relative to the land.
  • Baseline, not history. “No outstanding violations” is a present-tense snapshot, not a historical enforcement record.
  • SF discrepancy. Tax card shows 21,439 SF; the model uses 27,326 SF. Reconcile against the expansion.
Source: Borough of Woodland Park OPRA Request 26-172 (Tax / Fire Prevention).
Woodland Park Code · WO4046-022b
Schedule of Permitted Uses, AIR Zone
1-page PDF · § 22 Attachment 2 · Supp. 6, Mar 2026
Original PDF (1 p)
What this document isThe zoning ordinance's use schedule for the Adaptive Industrial Reuse (AIR) Zone, listing what is permitted by right, what is allowed only as a conditional use, and what counts as an accessory use. Note: the tax card lists the zoning neighborhood as “500 / A500,” so confirm at the file review that AIR is the actual district governing the site.

Permitted uses (by right)

IndustrialLight industrial and manufacturing within a fully enclosed building
WarehousingAllowed, except storage of highly combustible or explosive matter or anything deleterious to public health, safety, and welfare
Offices & workshopsBusiness and professional offices; craftsman workshops (showroom capped at 10% of the use); art galleries and studios
Service & retailAuto detailing; commercial laundries; dog and cat grooming; spas and fitness facilities; food co-ops and indoor farmers' markets
RecreationKarate, gymnastics, sports and dance training, indoor fields; skating rinks
StorageSelf-storage

Conditional uses (see § 22-24)

AssemblyHouses of worship; veterans and civic clubs
AutomotiveRepair automotive uses
UtilitySatellite antenna

Accessory uses

Parking & loadingOff-street parking and loading facilities
SignageSigns
Enclosed storageAccessory storage within a fully enclosed permanent structure, for materials, goods, and supplies meant for sale or consumption on the premises
Site featuresCafes; fences and walls; solar panels
Catch-allOther customary accessory uses and buildings clearly incidental to the permitted principal uses

Why it matters

  • No express “truck terminal” use in any column. Warehousing is permitted by right, but a cross-dock freight terminal is not named as permitted, conditional, or accessory anywhere in the schedule.
  • “Fully enclosed building” language is the sticking point. Both the industrial use and the accessory storage use require a fully enclosed structure, which cuts against an open-yard trailer or cross-dock operation. Raise this directly with the Zoning Officer.
  • Loading is only an accessory use, not a principal one. Off-street parking and loading appears as an accessory use, meaning it is meant to support a permitted principal use on the site, not to be the main operation. That is another reason a standalone terminal likely needs a variance. Conditional uses are governed by § 22-24; request that section at the file review.
Source: Woodland Park Code, § 22 Attachment 2:6, Supp 6, Mar 2026 (WO4046-022b).
Balanoff Industrial Team · Colliers

Contact the team

Noah Balanoff, CCIM
Vice Chair | Balanoff Industrial Team
Logistics & Transportation Group (Steering Committee Member)
Noah.Balanoff@colliers.comDirect: +1 973 299 3023Mobile: +1 917 757 5148
20 Waterview Boulevard, Suite 310 | Parsippany, NJ 07054
Michael Canosa
Associate | Balanoff Industrial Team
michael.canosa@colliers.comMobile: +1 862 208 9968
20 Waterview Boulevard, Suite 310 | Parsippany, NJ 07054