Sitex Group adds to its Garden State holdings

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Sitex Group LLC has acquired another New Jersey property, according to Bussel Realty Corp., which brokered the sale.Sitex, a New York-based private equity firm that has been expanding its Garden State holdings, purchased 429-449 Schiller St. in Elizabeth from Major Associates for an undisclosed amount, Bussel said in a news release.

The multitenant investment and industrial facility comprises approximately 40,000 square feet on four acres of property, Bussel added. Bussel Vice President Jordan Metz represented both the buyer and seller in the deal.

“Sitex made a quick, well-informed market decision, which ultimately positioned them ahead of several other suitors for this unique acquisition,” Metz said in a prepared statement.

Metz will continue to serve as exclusive broker, overseeing leasing for Sitex.

“As the exclusive agent for 429-449 Schiller St. over the past 10 years, I leased the majority of the units to tenants who are in at ‘yesterday’s’ market rates,” he said. “Pricing has continued to rise, especially for smaller, well-located flex space with loading docks and parking near the ports.”