Edison-based Bussel Realty Corp. on Tuesday said it brokered the sale of 160 Essex Ave. E. in Avenel, a 40,000-square-foot industrial property, to Sitex Group for $19.7 million.
Jordan Metz, senior vice president of BRC, represented both the buyer, Sitex Group, and the seller, Total Source Logistics, in the transaction.
“The port-proximate submarket of Carteret/Avenel has seen significant rent growth, rising valuations and insatiable investor interest over the last five years, with an increasing focus on functional properties with excess land for parking/outdoor storage in irreplaceable locations,” Metz noted. “160 Essex Ave. E. offers 40,000 square feet of warehouse space with heavy loading and over 2.5 acres of excess land for parking.”
Sitex Group has been an aggressive buyer of industrial real estate for many years and will add this core property to its substantial real estate holdings portfolio.
Metz also arranged a short-term leaseback for the seller, which operates its trucking/logistics business at the property. He also represented both parties to this lease transaction.
160 Essex Ave. E. is a 40,000-square-foot industrial property located near the New Jersey Turnpike, Route 1-9, Newark Liberty International Airport and Port Newark/Elizabeth. The property features 18-foot ceiling heights, seven tailboards and one drive-in door loading, dry sprinklers, 600 amps of electric power, and 50 surface parking spaces.
