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Describing the transaction as one of the largest and most complex completed in the state this year, Sitex Group is now just the second owner, ever, of the 640,000-square-foot Zuckerberg’s Industrial Park in Saddle Brook.

On Sept. 14, the Englewood-based vertically integrated real estate private equity firm told NJBIZ exclusively that it acquired the 40-acre, 50-building campus located at 300 N. Midland Ave. in an off-market transaction.

According to Sitex, the sale marks the first time the industrial property, closely held by the Zuckerberg family for three generations, has changed hands.

“We are thrilled to acquire the park,” stated Sitex Principal Blake Chroman. “Buying an industrial park of this size in prime infill New Jersey – particularly in Bergen County – is incredibly rare. Over the past decade, we built a relationship with the sellers and always hoped that we would own it someday. We are grateful that the Zuckerberg family selected us to be the new owners.”

Added Sitex Vice President Jackson Kaplan, “We have the right team in place which enabled us to navigate the complexities of this transaction and swiftly close.”

Offering high visibility and convenient access to Interstate 80, the Garden State Parkway and the Ports of Newark/Elizabeth, Newark Liberty International Airport and New York City, Zuckerberg’s Industrial Park also includes a 4-acre trailer parking lot, Sitex said.

According to Colliers’ most-recent report on the sector, sales volume in the industrial space bounced back in the second quarter of the year – despite rising interest rates. That brought total volume to $793.4 million for the period, according to the firm, which surpassed four of the past five quarters, dating to Q1 2022.

Average sales prices were up, as well, by 14.3% year over year, producing the highest quarterly average on record, according to Colliers.

Financial terms of the Zuckerberg’s deal were not disclosed. According to its website, Sitex acquires properties on an all-cash basis.

In addition to consistent ownership over the complex’s history, Sitex its tenancy, saying that Zuckerberg’s Industrial Park has sustained more than 90% occupancy over its 30-year history.

Current tenants include: UPS, ServePro and Johnstone Supply as well as many local operators.

Specializing in the New York and New Jersey markets, Sitex has continued to expand its portfolio in 2023. In April, the firm announced it had acquired $250 million in transactions in the region since the start of the year, including properties in Edison and Rutherford.

“This was a very unique acquisition opportunity and is another example of our longtime strategy of buying and repositioning industrial properties in key infill locations throughout New York and New Jersey,” said Chroman.

Sitex has plans to modernize the property immediately, according to Chroman, with work starting Thursday for improvements including paving, lighting, new signage and updated building interiors.