Private equity real estate firm Sitex Group on April 13 said it recently acquired two industrial facilities, one in Perth Amboy and one in Elizabeth, both from private investors.
The Perth Amboy asset is a low coverage site at 440 Florida Grove Road that sits on over 6 acres. The property features a 13,000-square-foot vehicle maintenance facility with 12 overhead doors, a wash bay and a fuel pump station. The site is paved, fenced and lit. It is strategically located near major transportation arteries including Route 440, Routes 1 and 9, the Garden State Parkway and the New Jersey Turnpike.
Sitex expects strong interest from companies with large fleet vehicle and truck parking requirements. The property is available for immediate occupancy.
In Elizabeth, Sitex acquired a 23,000-square-foot warehouse at 629 Henry St. that sits on 1.8 acres and features 28-foot clear ceiling height, two loading docks and two drive-in doors. More than an acre of the property is paved and fenced for the secure parking of trucks and other vehicles. The property is located near Exit 13A of the New Jersey Turnpike and only a few miles from the Port of Newark/Elizabeth and Newark International Airport. 629 Henry St. is currently leased to a logistics company that relies on the property’s immediate access to the port.
“We are thrilled to add these two properties to our fast-growing logistics real estate portfolio. They speak to our longstanding strategy of acquiring and developing industrial facilities in strategic, infill locations throughout the greater New York metro area. While other investment groups have taken a wait-and-see approach during the pandemic, we have been incredibly active on the acquisition front,” said Sitex Principal Blake Chroman.