NORTH BERGEN, NJ–Sitex Group, a Midwest-based private equity firm specializing in industrial real estate investments, has acquired a 300,000-square-foot warehouse property here in Bergen County, GlobeSt.com has exclusively learned.
The multi-tenant facility on 30 acres is currently 98% occupied by 18 tenants. Sitex plans to start quickly on major improvements to modernize the look of the property and upgrade its efficiency.
“An opportunity to acquire a 30-acre site with immediate access to the Lincoln Tunnel and New Jersey Turnpike is extremely rare,” said Brian Milberg, a Sitex partner. “We are looking forward to repositioning the asset while branding it a Sitex property.”
Right now, the company is one of the most active buyers in the northern New Jersey market: It has acquired nine other properties, totaling more than 1.2 million square feet, in the last six months. Acquisitions under contract or that have recently closed include:
· A five-building portfolio in Carlstadt
· A 60,000-square-foot building in Carlstadt that is 100% leased
· A 20-acre development site just outside the Lincoln Tunnel in Secaucus that can accommodate a 400,000-square-foot building
· A seven-acre development site in Carlstadt that can accommodate a 55,000-square-foot building
· An 18,000-square-foot building in Moonachie that was recently leased long-term
Sitex recently launched its newest investment vehicle, Sitex Fund VIII, and is actively seeking opportunities to develop and/or acquire additional industrial properties.
According to Milberg, the company has plans to triple the size of its existing portfolio over the next two years.
Sitex was founded in 2001 to specialize in industrial properties in the Chicago, New York/New Jersey and Los Angeles markets. It is headquartered in Chicago.
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