Sitex acquires 3 industrial properties in the last 30 days

Linda Lindner//May 4, 2020//

Sitex acquires 3 industrial properties in the last 30 days

Linda Lindner//May 4, 2020//

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Englewood-based Sitex Group said Monday it recently added three industrial properties to its portfolio.

The acquisitions include a 172,000-square-foot warehouse at 1201 Valley Brook Ave. in Lyndhurst formerly occupied by Barney’s New York; a 10-acre site at 514-582 South St. in Hackensack; and a 22.5-acre site in Westbury, N.Y.

“Despite the current economic uncertainty, we remain focused on our core business of acquiring and developing best-in-class industrial properties in strategic locations throughout New Jersey and New York,” said Sitex Principal Blake Chroman.

514-582 South St. in Hackensack
514-582 South St. in Hackensack. – SITEX GROUP

The Hackensack and Westbury acquisitions from private investors total more than 32 acres of paved parking for motor vehicle maintenance and fleet storage.

“Properties offering above-standard car and/or fleet parking have become mission critical for today’s industrial tenants,” said Sitex Senior Vice President Zach McHugh. “Finding opportunities to acquire large, low-coverage sites is incredibly rare.”

The Hackensack transaction was negotiated by Dan Foley and Chris Marx of Savills, while Mark Walsh of Select Real Equity Advisors, along with Premier Commercial Real Estate’s Jason Miller and Jeffrey Schwartzberg, negotiated the Westbury deal.

1201 Valley Brook Ave., located in the Meadowlands, is a premier asset, featuring 26-foot clear ceiling height, 11 loading docks, trailer parking and more than 165 parking spaces. The seller was also a private investor.

Sitex is planning a multi-million dollar repositioning program to substantially modernize the property. Renovations include a complete façade enhancement, new office space, energy-efficient lighting, new loading docks, upgraded ESFR sprinkler system and a repaved parking lot and truck court.

CBRE’s Tom Monahan, Brian Fiumara, Larry Schiffenhaus and Steve D’Amato brokered the Valley Brook deal.