Sitex Group acquires two properties totaling 73,000 s/f
Northern NJ – Sitex Group (Sitex), the New York-based private equity firm specializing in industrial real estate investment, development and asset management, has added two more properties to its growing Northern New Jersey portfolio.“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,” said Sitex senior vice president Blake Chroman.The firm recently closed on a 30,000 s/f warehouse facility located at 620 Gotham Parkway in Carlstadt – the heart of the highly desirable Meadowlands submarket. Aside from its excellent location, the building has an above-standard parking ratio and is 100% air-conditioned. Sitex plans to make several upgrades to the property, including updating the façade, office space, lighting and sprinkler systems.The seller was a private investor. The sale price was not disclosed. JLL’s David Knee and Gary Politi brokered the sale. JLL will stay on to oversee leasing.Sitex also purchased a 43,000 s/f, multi-tenant warehouse located at 429-449 Schiller St. in Elizabeth. The property is 90% leased and located minutes from the Port of Newark/ Elizabeth and Newark’s Liberty International Airport. It is comprised of small units (ranging from 3,000 to 8,500 s/f) 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,” added Chroman.