Sitex Group has acquired a 20-acre site in Woodbridge that includes a 175,000-square-foot warehouse and the space to develop a new distribution center nearby, the firm announced.In a news release, Sitex said it will rehabilitate the existing property, at 215 Blair Road in the township’s Avenel section, under a multimillion-dollar project that will result in a new roof, façade and docks. The former C&S Wholesale Grocers/White Rose Foods warehouse will also get new HVAC and lighting systems, repaved parking and loading areas and updated office space.
Terms were not disclosed.
The New York-based private equity firm, which has made an aggressive push into New Jersey in recent months, said it was capitalizing on increased demand from large industrial users seeking space in the Port Newark-Elizabeth area. The excess land at its newest property allows for the development of a new 200,000-square-foot logistics facility, with Sitex’s plans calling for 36-foot ceiling heights, 53 loading docks and several acres of trailer parking.
“This was a rare opportunity in one of the most active submarkets in the country,” Blake Chroman, a senior vice president at Sitex, said in a prepared statement. “Inventory is tight while new construction is extremely rare. We’re excited to be able to add a property with so much potential to our growing portfolio in Northern New Jersey.”
The property sits within the New Jersey Turnpike Exit 12 submarket, which has seen a recent surge in interest from companies seeking quick access to the port and to the region’s large consumer population. In May, Amazon announced it would open a new 1 million-square-foot fulfillment center at 8003 Industrial Ave. in Carteret.
CBRE’s supply chain and logistics team represented both Sitex and the undisclosed seller, the news release said. That team includes Mindy Lissner, executive vice president; William Waxman, executive vice president; Steven Beyda, vice president; Kevin Dudley, senior associate; Robert Pine, senior associate, Jennifer Ferrara, client services specialist; and Susan Strauss-Rickwalder, client services specialist.
Waxman, Lissner, Beyda and Dudley have been retained as leasing agents, the news release said.
“Sitex was selected as the buyer due to seller’s confidence in the company’s ability to perform, as well as its clear recognition of the property’s value in the market,” Lissner said in a statement. “As buyers, they exceeded expectations and closed within the expected timeframe.”