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Sitex Group has been one of the most active buyers of real estate in the New Jersey/New York industrial market so far in 2023. Thus far this year, the Englewood-based private equity firm has closed more than $250 million in transactions in the Garden State.
“Despite market uncertainty, and a general slowdown across the board, we continue to grow our portfolio with high-quality properties in Tier 1 locations,” Blake Chroman, a principal with Sitex, stated.
Most recently, Sitex acquired an off-market, three-building, 10-acre industrial campus with parking for more than 400 vehicles at 980 New Durham Road in Edison. Pending municipal approvals, Sitex plans to demolish one functionally obsolete office building while modernizing the remaining two warehouses (100,000 square feet) with new lighting, offices, fresh paint and a repaved parking lot. Currently vacant, the site is expected to attract today’s modern distribution companies with large vehicle fleets given the convenient access to New York City, the ports and the population centers in the Northeast. The seller was a privately held plumbing supply company. Cushman & Wakefield’s Chuck Fern brokered the sale.
In another acquisition, Sitex acquired a unique, 5-acre site in the heart of the Meadowlands with a 20,000-square-foot vehicle maintenance building at 290 Veterans Blvd. in Rutherford. Sitex will repurpose the building, creating 17,000 square feet of maintenance space and 3,000 square feet of office space, and make it available immediately. The firm expects to draw interest from companies with large vehicle fleets as the site offers significant parking, a rarity in the area. The seller was Progressive Insurance. McBride Corporate Real Estate’s Jim McNerney and John D’Amato arranged the transaction.
All of the recent acquisitions are in premier locations and offer easy access to New York City, Port Newark-Elizabeth, Newark Liberty International Airport and the U.S. interstate system that connects the entire Northeast.
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