A Texas company has purchased an industrial site in Secaucus with plans to develop a 120,000-square-foot distribution facility, it announced this week.
Xebec Realty purchased the 6.8-acre site at 330 County Ave., and intends to build a Class A industrial facility to help meet the demand for logistics space in the region.
“We seized the opportunity to expand Xebec’s national presence into the Northeast through this strategic acquisition,” Justin Passaretti, Xebec’s vice president of acquisitions, said in a prepared statement. “Secaucus, and the Meadowlands submarket more broadly, has a severe shortage of Class A industrial product, with demand at an all-time high.”
Financial terms were not disclosed. Xebec anticipates development will begin in 2024.
“We are attracted to this region because of its excellent access to transportation and dense populations,” Randy Kendrick, Xebec’s CEO and president, said in a statement. “The impact of the COVID-19 pandemic on retail distribution catalyzed an already-strong growth story for industrial logistics real estate.”