Sitex Group recently sold a five-building, 113,743-square-foot industrial portfolio located at Port Newark Light Industrial Park in Orange, according to an announcement from Cushman & Wakefield.
Terms of the transaction were not disclosed.
Cushman & Wakefield’s Gary Gabriel, Kyle Schmidt, David Bernhaut and Ryan Larkin represented the seller in the transaction. The property was acquired by a joint venture between affiliates of Westbrook Partners and Camber Real Estate Partners.
“Shallow-bay, multitenanted infill product is limited in this region, with no notable construction in the pipeline,” said Gabriel. “The buyer recognized the scarcity of inventory and the ability of the park to cater to a wide variety of occupiers.”
Located at 119, 175 & 182 Hill St. and 43 Hickory St., immediately off Exit 11B of Interstate 280, just west of the Garden State Parkway, the New Jersey Turnpike and the Port of New York/New Jersey, the asset has unit sizes ranging from 2,500 to 13,500 square feet. Each unit features individual storefronts and dedicated loading docks. The portfolio is leased to 22 tenants.