Sitex makes third warehouse acquisition in a month

Sitex Group has acquired a 60,000-square-foot warehouse and distribution building in Carlstadt, the firm said, marking the latest addition to its quickly growing portfolio in North Jersey.The newest property sits on three acres and includes 6,000 square feet of office space, six loading docks, 21-foot clear ceiling height and heavy electrical service, according to a news release. Sitex, a New York-based private equity firm, by early next year plans to update the office space, warehouse lighting, HVAC system, truck loading and other components of the building.

John D’Amato, David Yao and Fred Lipton of McBride Corporate Real Estate brokered the transaction, the news release said. McBride has been retained to oversee leasing at the property, which is configured to accommodate one or two tenants and is suited for warehousing, distribution and light manufacturing.

The acquisition marks Sitex’s third in the area in the last 30 days and dovetails with its strategy of acquiring well-located industrial properties and modernizing them. Just last month, Sitex announced it had acquired two properties: a 30,000-square-foot warehouse facility nearby at 620 Gotham Parkway in Carlstadt and a 43,000-square-foot, multitenant warehouse at 429-449 Schiller St. in Elizabeth.

“We remain bullish on the Meadowlands submarket, and this acquisition allows us to continue to meet the demands of our expanding customer base,” Sitex Senior Vice President Blake Chroman said in a prepared statement.