Sitex Group has bolstered its industrial real estate portfolio, it announced this week, acquiring an 83,000-square-foot warehouse in Moonachie.
The developer purchased the property at 131 W. Commercial Ave. from a private seller. Terms were not disclosed.
“This acquisition is another example of executing our business plan to own quality warehouse facilities and development sites in the best locations,” Principal Blake Chroman said in a prepared statement. “We’ve been the most active buyer of industrial real estate in northern New Jersey because we pay market pricing and have the creativity and experience to get deals done.”
The property in the Meadowlands submarket can accommodate one or two occupants, Sitex said, with half currently leased to a logistics company and the other half available for occupancy in the coming 30 days.
Sitex plans to renovate both the interior and exterior of the building, it said.