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Sitex continues to bulk up tri-state industrial portfolio

Industrial development specialists, Sitex Group continues to bulk up its tri-state industrial portfolio.

The New Jersey-based company has acquired a City Sanitation garage facility in the Bronx and completed a 15-acre assemblage in one of the strongest industrial submarkets in the country.

“The[coronavirus] pandemic has accelerated the ecommerce revolution and forced companies to adapt to growing demand from online consumers. That means increased investment in order to alleviate the pressure on logistics and same day delivery,” said Sitex senior vice president Zach McHugh.

Sitex acquired 600 South River Street in Hackensack, NJ, a 4.7 acre site with a 40,000 s/f maintenance facility formerly occupied by truck repair company Deluxe International Trucks (pictured top).

BLAKE CHROMAN

The acquisition completes a land assemblage Sitex has worked on for the last few years.  Earlier this year, the developer acquired the adjacent parcels at 514 – 582 South River St. and now controls 15 acres, making it one of the larger industrial sites in the area.

Sitex plans to improve South River Street property and make it available for lease.

CBRE’s Tom Monahan, Larry Schiffenhaus and Steve D’Amato brokered the sale and have been retained as exclusive leasing agents for the property.

1155 Commerce Ave. in the Bronx is a 25,760 s/f warehouse with approximately 8,000 s/f of parking. It is currently occupied by the NYC Department of Sanitation.

Greiner Maltz’s Atanu Bhattacharjee, Waterstreet Capital’s Carl Bronstein and Douglas Elliman Commercial’s Rick Dana arranged the transaction.

“We remain laser focused on our regional business plan of buying and building industrial facilities that meet the unique requirements of today’s sophisticated logistics users,” added Sitex principal Blake Chroman.

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