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Sitex spends $90M on trio of tri-state industrial assets

Sitex Group has added three industrial properties to its portfolio in a series of trades totaling $90M.

Acquisitions include a 172,000 s/f warehouse at 1201 Valley Brook Avenue in Lyndhurst, NJ (site formerly occupied by Barney’s New York pictured top); a 10-acre site at 514-582 South River Street in Hackensack, NJ; and a 22.5-acre site in Westbury, NY.

“Despite the current economic uncertainty, we remain focused on our core business of acquiring and developing best-in-class industrial properties in strategic locations throughout New Jersey and New York,” said Sitex principal Blake Chroman. 

The Hackensack and Westbury acquisitions from private investors combine for more than 32-acres of paved parking for motor vehicle, maintenance and fleet storage – functionality that make these properties in high demand for last-mile distribution today. 

Sitex’s investment strategy focuses on functional assets in high barrier-to-entry infill locations to capitalize on today’s tenant demand.  Both assets are ideally located in densely populated areas near major highways and New York City. 

“Properties offering above-standard car and/or fleet parking have become mission critical for today’s industrial tenants,” said Sitex Senior Vice President Zach McHugh. “Finding opportunities to acquire large, low-coverage sites is incredibly rare.”

Savills’ Dan Foley and Chris Marx negotiated the Hackensack transaction, while Mark Walsh of Select Real Equity Advisors, along with Premier Commercial Real Estate’s Jason Miller and Jeffrey Schwartzberg, negotiated the Westbury deal.

1201 Valley Brook Avenue, located in the Meadowlands, one of the strongest industrial submarkets in the country, is a premier asset, featuring 26’ clear ceiling height, 11 loading docks, trailer parking and over 165 parking spaces.  The seller was also a private investor.

514-582 South River Street in Hackensack

Sitex is planning a multi-million dollar repositioning program to substantially modernize the property for today’s users. Renovations include a complete façade enhancement, new office space, energy efficient lighting, new loading docks, upgraded ESFR sprinkler system and a repaved parking lot and truck court.

Added Chroman, “We’re thrilled to add 1201 Valley Brook to our portfolio.  The Meadowlands is one of the most important industrial submarkets in the country.  Only a small percentage of warehouse space in the Meadowlands offers ceiling height greater than 24’ clear.”

CBRE’s Tom Monahan, Brian Fiumara, Larry Schiffenhaus and Steve D’Amato brokered the Valley Brook deal.

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