Real Estate Journal — New Jersey — May 12 - 25, 2017 — 3B
M id A tlantic
N ew J ersey Firm has acquired 11 properties in past two years in northern New Jersey Sitex adds two more properties in Totowa to its portfolio
OTOWA, NJ — Sitex Group (Sitex) has just added warehouse/
distribution c e n t e r s a t 8 Vree land Ave. and 50 Furler St. in Totowa, to its growing port- folio. The sell- er was a pri- vate investor.
Sale price was not disclosed. “We’re excited to add these two properties to our portfolio and we look forward to making 8 Vreeland available for oc- cupancy next year,” said Sitex principal Blake Chroman . “We expect strong interest in the building, given that the supply of modern warehouse space in North Jersey is very tight.” 8 Vreeland Ave. is a rather unique property in the sub- market given its many modern features including 24 to 28’ clear ceiling height, a partially air-conditioned warehouse and ample parking. The 125,000 s/f property boasts 12,000 s/f of office space and ten loading docks. Currently leased to Cus- tom Index, Inc., Sitex plans to renovate the property when the tenant vacates next year. At 55,000 s/f, 50 Furler St. features 16’ clear ceiling height, three loading docks and 3,000 s/f of office pace. It is leased to SK Custom Creations. JLL’s Howard Weinberg arranged the transaction. Sitex has retained him to market 8 Vreeland Ave. for lease. In the past 24 months, Sitex has made a significant push in Northern New Jersey, acquir- ing 11 industrial properties (including this transaction). n NAI Hanson inks sale of 5,100 s/f in East Hanover East Hanover, NJ — NAI James E. Hanson has brokered the sale of a 5,100 s/f retail building located at 32 Rte. 10 West in East Hanover. NAI Hanson’s John Schilp represented the seller, Charles Kramer , in the transaction to NJ Retail Acquisitions , rep- resented by Jeffery Realty . The single-story retail build- ing boasts frontage on Rte. 10, one of NJ’s most desirable retail corridors with dozens of large national and regional chains calling this stretch of highway home. n
8 Vreeland Ave.
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