MAHWAH, NJ—Sharp Electronics Corp. has engaged in a sale/leaseback deal on its U.S. headquarters here with the Sitex Group.
The deal is reportedly valued at $38 million and has the electronics firm leasing back space at the complex for 12 years, according to The Record. The sale includes the 147,000-square-foot Sharp headquarters building, a 350,000-square-foot warehouse and 23 undeveloped acres, says Brian Milberg, a principal with the Sitex Group. The office building is occupied by Sharp, and the warehouse is mostly rented by discount retailer Amazing Savings.
“We were drawn to the land and the warehouse, and the office building was a bonus,” Milberg says. Sitex plans to market the 23 vacant acres as “build to-suit” office or warehouse space.
About 600 people work at the Mahwah complex, which is the U.S. sales and marketing subsidiary of Osaka, Japan-based Sharp Corp.
Sitex has offices in Chicago; Brooklyn; Manhattan Beach, CA; and East Rutherford, NJ. See story in The Record.
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