Mid Atlantic Real Estate Journal — New Jersey — April 11 - 24, 2014 — 3B
N EW J ERSEY
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Grossing 55,000+ s/f of office and industrial real estate SitexGroupacquires 300,000 s/f Meadowlands market property
ORTH BERGEN, NJ —Sitex Group has ac- quired a 300,000 s/f property in North Bergen. The multi-tenant warehouse, which sits on 30 acres, is cur- rently leased to 18 tenants and is 98% occupied. This spring, Sitex will embark on a signifi- cant capital improvement cam- paign to enhance the image and functionality of the property. “An opportunity to acquire a 30-acre site with immediate ac- cess to the Lincoln Tunnel and New Jersey Tpke. is extremely rare,” said Sitex Partner Brian Milberg . “We are looking for- ward to repositioning the as- set while branding it a Sitex property.” Sitex has acquired nine other properties, totaling more than 1.2 million s/f, in the last six months. Acquisitions under contract or that have recently closed include: • A five building portfolio in Carlstadt • A 60,000 s/f building in Carlstadt that is 100% leased • A 20-acre development site just outside the Lincoln Tunnel in Secaucus that can accom- modate a 400,000 s/f building • A seven acre development CBRE Group Inc. completes sale of 600 Atrium Dr. in Franklin Township N SADDLE BROOK, NJ — CBRE Group, Inc. has com- pleted the sale of 600 Atrium Dr., a 15+ acre opportunity for development located in Franklin Township, for an un- disclosed price. Charles Berger and Elli Klapper , of the Private Capi- tal Group, along with Artie Weiss and Sandra Herman of Brokerage Services in New Jersey, represented the seller and procured the buyer in the transaction. The out-of-state buyer closed within a short timeframe with- out financing or any contingen- cies for the Somerset County property. The vacant tract of land, situ- ated within a major office park, is strategically located at Exit 10 of State Rte. 287 and sits 35 minutes from midtown Man- hattan and 15 minutes from Newark Airport and Port Eliza- beth/Newark. The immediate surrounding area is home to 4,677,469 s/f of office develop- ment, 8,867,868 s/f of industrial development and numerous retail establishments.
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North Bergen, NJ
site in Carlstadt that can ac- commodate a 55,000 s/f build- ing
• An 18,000 s/f building in Moonachie which was recently leased long-term.
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