Parts of the 10-acre tract will be used for borough offices and recreation or park space, the report says.
The borough approved a $14.35 million bond ordinance for the purchase earlier this month.
The land, now home to Black Millwork and Andersen Logistics, is within easy walking distance of downtown Allendale.
Black Millwork is a family business that distributes building products in the tri-state area, according to its website.
Andersen Logistics distributes Andersen windows and doors.
The Allendale Senior Housing Corporation now runs a number of one- and two-bedroom affordable housing units on Cebak Court in the borough.
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