Sitex acquires 3 industrial properties for $90M+

Sitex Group announced on Monday it has added three industrial properties valued at over $90 million to its portfolio.

The acquisitions include:

  • A 172,000-square-foot warehouse at 1201 Valley Brook Ave., Lydnhurst;
  • A 10-acre site at 514-582 South River St., Hackensack;
  • A 22-acre site in Westbury, New York.

“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,” Sitex Principal Blake Chroman said.

Sitex said its investment strategy targets assets in high-barrier-to-entry infill locations to capitalize on tenant demand.

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

The Lyndhurst warehouse features 26-foot ceilings, 11 loading docks, trailer parking and more than 165 parking spots. The seller was a private investor. Sitex said it plans to improve the property by updating its facade, adding office space and energy efficient lighting, new loading docks, upgrading ESFP sprinkler systems and repaving the parking lot. CBRE’s Tom Monahan, Brian Fiumara, Larry Schiffenhaus and Steve D’Amato brokered the Valley Brook deal.

“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,” Chroman.

Savills’ Dan Foley and Chris Marx negotiated the Hackensack deal while Select Real Equity Advisors‘ Mark Walsh and Premier Commercial Real Estate‘s Jason Miller and Jeffrey Schwartzberg negotiated the Westbury one. Both the Hackensack and Westbury properties were acquired by private investors.