Capitalizing on robust demand for well-located infill properties in the New York metro industrial corridor, Sitex Group closed out the third quarter with a company record for leasing
The private equity firm focused on acquiring, developing and repositioning industrial assets, secured 19 leases totaling nearly 350,000 square feet, making it the firm’s most successful quarter for new tenant signings and renewals/expansions ever.
During the three-month stretch, Sitex executed the following notable transactions, and brought its portfolio to near full occupancy:
- A 65,000-square-foot warehouse lease to Warshaw Inc. at 980 New Durham Road in Edison;
- A 30,000-square-foot warehouse lease to CorePharma at 4 Gladys Court in Edison;
- A lease renewal with a global logistics company for a four-acre trailer parking lot and maintenance garage at Zuckerberg Industrial Park in Saddle Brook;
- A lease for a five-acre site (improved with a 40,000 SF building) to Academy Bus at 600 S. River St. in Hackensack;
- A lease for a 2.25-acre site (improved with a 17,000 SF building) to Edge Auto at 360 Kingsland Ave. in Brooklyn.
With its portfolio stabilized, and armed with significant capital to deploy, Sitex is reaffirming its confidence in the strength of the industrial market. The firm is now actively seeking new investment opportunities, turning its attention to infill acquisition and development opportunities in New York City, New Jersey, Long Island and Westchester County.
“We believe in this market and are well-positioned to capitalize on new opportunities to grow our portfolio,” Max Fuchsman, vice president, Sitex said.
