Sitex Group has acquired a 172,600-square-foot warehouse in Totowa and will launch “a significant capital improvement campaign” to modernize the building, the industrial real estate firm said this week.In a news release, Sitex said the property sits on 8.6 acres at 55 Shepherds Lane in the Passaic County borough. It features 20-foot to 30-foot clear ceiling heights and 12 loading docks, and it’s less than two miles from the New Jersey Turnpike, which the firm will tout as it markets the site to tenants.
Terms of the deal were not disclosed.
The planned capital improvements include a new roof, new loading docks and upgraded mechanical systems, the news release said. New York-based Sitex also said it will improve the façade, repave the parking lot and renovate the office space.
“This was a unique opportunity for us to acquire a well-located warehouse facility and implement our proven redevelopment strategy,” Sitex Group Senior Vice President Blake Chroman said in a prepared statement. “We’re confident that the property’s size, location and specifications will appeal to many different types of users.”
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