TOTOWA, NJ —Sitex Group has acquired a 172,600-square-foot warehouse at 55 Shepherds Lane in Totowa, NJ, and is planning a significant capital improvement campaign to modernize the facility. The seller and terms of the transaction were not disclosed.
“This was a unique opportunity for us to acquire a well-located warehouse facility and implement our proven redevelopment strategy,” says Sitex Group senior vice president Blake Chroman. “We're confident that the property's size, location, and specifications will appeal to many different types of users.”
The warehouse is on 8.6 acres and features 20' to 30' clear ceiling height, 12 loading docks, heavy power and abundant parking. The property is less than two miles from I-80 (Exit 55A/Union Boulevard) and provides direct access to New York City and the New Jersey Turnpike as well as an abundant labor pool in surrounding counties. For companies that must be near the city, the Port of Newark/Elizabeth or Newark's Liberty International Airport, it is an ideal location for business.
Renovation plans, expected to be in “seven figures,” call for replacing the roof, adding loading docks, upgrading the HVAC and lighting systems, improving the exterior façade, repaving the parking lot and renovating the office space.
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