Developer Sitex Group has added to its New Jersey portfolio yet again, acquiring a 55,000-square-foot warehouse in Moonachie, it announced.The real estate firm, which has its regional headquarters in Englewood, bought the property at 245 Moonachie Road from Hwaseung Network America for an undisclosed price, it said in a news release Monday.
“This is a unique, high-quality building,” Sitex Senior Vice President Blake Chroman said in a prepared statement. “It complements our existing portfolio nicely.”
Although it described the property as “in excellent shape,” Sitex said it plans to make improvements at the two-unit property, which was built in the 1970s by Russo Development.
This was Sitex’s ninth acquisition in northern New Jersey in the last 18 months, including five in the Meadowlands submarket, it said.
“We continue to seek out properties that provide users with immediate access to the dense population of consumers in New York City,” Chroman said.
Team Resources represented the firm in the transaction, and has been named the exclusive leasing agent for the property.