Sharp makes 38M leaseback deal for Mahwah HQ, report says

Eric Strauss//January 12, 2015//

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Sharp Electronics Group has arranged a $38 million sale-leaseback deal for its U.S. headquarters in Mahwah, according to a published report.The Record said Monday that Sharp has sold its 147,000-square-foot headquarters, a 350,000-square-foot warehouse and 23 open acres of land to the real estate investment firm Sitex Group. It will lease back the space for 12 years from the New York-based firm, according to the report.

“Sharp is committed to New Jersey and will stay in New Jersey,” The Record quoted broker Dennis Gralla of Cresa NJ in Rutherford, who represented the company in the transaction.

Sharp, the U.S. unit of Japanese company Sharp Corp., has been in Mahwah since the 1980s, according to the newspaper.

“We were drawn to the land (for ‘build to suit’ space) and the warehouse, and the office building was a bonus,” The Record quoted Sitex’s Brian Milberg as saying.

Sitex, which also has offices in East Rutherford, owns warehouse and industrial properties around North Jersey, the report added.

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