LYNDHURST, NJ—Sitex Group is planning $3-4 million in capital improvements to the 184,000-square foot industrial it acquired at 1200 Valley Brook Avenue in Lyndhurst, NJ.
The 184,443-square-foot warehouse is located in a high image business park within the Meadowlands submarket and features 22' clear ceiling height, 12 loading docks and abundant power and parking. It is strategically located less than 20 minutes from New York City, the Port of Newark/Elizabeth and Newark's Liberty International Airport and has direct access to the New Jersey Turnpike, Interstate 80 and Routes 3 and 17.
“Given the property's modern specifications and direct access to New York City, there is already strong interest from companies in the food and beverage, e-commerce, third party logistics, retail and apparel industries,” says Blake Chroman, Sitex's senior vice president of acquisitions and leasing. “This is another example of Sitex's proven strategy of buying well-located industrial properties and making significant capital improvements to make the assets appeal to today's sophisticated corporate users.”
Sitex says it will install a new roof and additional parking for more than 100 cars. The loading docks, sprinkler and HVAC systems, office space, façade and landscaping will also be updated.
The transaction was brokered by the Cushman & Wakefield team of Frank Caccavo, Jason Goldman, Andrew Siemsen and Marc Petrella. Cushman & Wakefield will also serve as the exclusive leasing agent for the property.
Sitex also recently bought a 172,600-square-foot warehouse in Totowa, NJ, and an 87,219-square-foot facility in Addison, IL. In July, as reported by GlobeSt.com, the New York-based real estate acquisition firm also broke ground on a 53,000-square-foot spec warehouse and distribution center at One Palmer Terrace in Carlstadt, NJ.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
