Sitex Acquires Multi-Tenant Warehouse in Englewood, NJ
"Demand for small, Class A warehouse spaces near New York City far exceeds the supply," says Sitex's Blake Chroman.
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.