CBRE announced on Monday the sale of an industrial property in Lyndhurst.
CBRE’s team of Thomas Monahan, Brian Fiumara, Steven D’Amato, Larry Schiffenhaus, Anastasia Lazarides, Lauren Hageman and Gerard Monahan represented Jos L. Muscarelle in the sale of an 180,000-square-foot industrial property at 1201 Valley Brook Ave. The team also procured the buyer, Englewood-based real estate private equity firm Sitex Group.
“While not completely immune, New Jersey’s industrial market has performed exceptionally well during these trying times for our industry,” Monahan said. “Our team was able to work extremely efficiently and collaboratively with both parties in closing the acquisition of this significant industrial site.”
The distribution facility has 11 loading docks, 26-foot ceilings and 162 parking spots. Sitex Group said it has planned to modernize the property with several capital improvements once the deal has closed. Financial terms were not disclosed.