ELIZABETH, NJ—Sitex Group has added two more properties to its growing Northern New Jersey portfolio, with the purchase of a 30,000 square-foot warehouse in Carlstadt and a 43,000 square-foot multitenant facility in Elizabeth.
“We have gained tremendous momentum this year consistent with our intent to be a leading owner and developer in the country's third largest industrial market,” says Sitex senior vice president Blake Chroman.
The 30,000-square-foot warehouse facility located at 620 Gotham Parkway in Carlstadt is in the Meadowlands submarket. The building has an above-standard parking ratio and is 100 percent air-conditioned. Sitex plans upgrades to the property, including updating the façade, office space, lighting and sprinkler systems.
The seller was a private investor and the sale price was not disclosed. Jones Lang LaSalle's David Knee and Gary Politi brokered the sale. JLL will stay on to oversee leasing.
Sitex also purchased a 43,000-square-foot, multi-tenant warehouse located at 429-449 Schiller St. in Elizabeth. The property is 90 percent leased and located minutes from the Port of Newark/ Elizabeth and Newark's Liberty International Airport. It consists of small units (ranging from 3,000 to 8,500 square feet) with a large trailer parking area. Sitex is planning to improve the property by updating the building's exterior and truck parking/loading areas.
Bussel Realty's Jordan Metz brokered the sale and has been retained by Sitex to oversee leasing. The sale price was not disclosed.
“We believe these properties fit well within the Sitex portfolio and fill an important void in the market. We are seeing significant demand for small, functional, professionally managed warehouse space near the port and New York City,” says Chroman.
As Sitex's Brian Millberg noted during RealShare New Jersey's industrial panel in September, New Jersey's economy has moved from dependence on manufacturing 20 years ago to distribution centers to e-commerce. The firm is taking advantage of strong demand for distribution centers close to New York City.
Sitex has been very active in industrial real estate in New Jersey. The firm recently purchased a 172,600-square-foot warehouse in Totowa, NJ and a 185,000-square-foot warehouse in Lyndhurst, NJ. Earlier this year the firm broke ground on a 53,000-square-foot warehouse/distribution center at One Palmer Terrace in Carlstadt, NJ, and acquired Sharp Plaza, a 300,000-square-foot warehouse facility in Mahwah, 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].
