100 W. Forest Ave., Englewood, NJ, is the building on left with the light colored roof.
ENGLEWOOD, NJ—Sitex Group has purchased a 72,000-square-foot, multi-tenant warehouse located at 100 W. Forest Ave. in Englewood, NJ, from a private seller. The sale price was not disclosed.
“We're excited about acquiring 100 W. Forest,” says Sitex principal Blake Chroman. ”We think it's such a unique asset in the market. Demand for small, Class A warehouse spaces near New York City far exceeds the supply. This property has historically remained 100% leased and we expect that to continue going forward.”
The class A building is fully leased to six tenants. Built 20 years ago by the seller, the property has been well maintained over the years. It features 20-foot clear ceilings along with abundant loading docks and parking. Strategically located near the George Washington Bridge, New Jersey Turnpike, Route 4 and I-80, it is ideally located for companies seeking quick access to New York City, Port of Newark-Elizabeth and the Tri-State region in general. The property has historically attracted service-oriented companies that desire a high image space for its employees and customers.
One of the most active buyers and developers of industrial real estate in New Jersey over the past ten years, Sitex says it's still looking for high-quality, well-located industrial/warehouse space with convenient access to the city and US supply chain transportation network. Sitex recently expanded its footprint to the outer boroughs of New York and is now one of the most active acquirers of industrial space in that market as well.
Michael Schaible of Lee & Associates brokered the transaction and will oversee leasing at the property.
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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].
