New Jersey-based private equity firm Sitex has acquired a 40,000 s/f building on six acres of land in Paramus in a sale-leaseback with transportation giant Coach USA.
Coach – which operates a fleet of buses, including the Megabus brand – signed a long-term lease to remain at 160 Routh 17 North in Paramus. The bus operator was sold by Parent Stagecoach to private Equity firm Variant Equity in 2019 for $271.4 million.
The property comprises a 40,000 s/f building on six acres that serves as a mission critical maintenance facility and parking hub for Coach. Marc Imrem of Transwestern brokered the sale for an undisclosed price.
“The acquisition of the Paramus property is a great example of our team continuing to acquire well-located, infill industrial assets throughout the New York metro area,” said Blake Chroman, a principal with Sitex.
An acquisition and development company that specializes in industrial real estate in the New York/New Jersey markets, Sitex also announced a new lease with online used car retailer Carvana at its property at at 440 Florida Grove Road in Perth Amboy, NJ.
That property is comprised of a 13,000 s/f vehicle maintenance building on six acres and is easily accessible to and from major transportation arteries. Carvana secured the property to support its fast growth in the region, said Sitex in a press release. Larry Schiffenhaus, Tom Monahan and Steve D’Amato of CBRE brokered the transaction.
Sitex acquired the then-vacant Perth Amboy property for $14.2 million earlier this year as part of a strategic expansion into the industrial sector. Since May 202, the company has acquired nearly a dozen properties in the tri-state area.