S hopping C enters N ew J ersey /P ennsylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
www.marej.com
Firm continues to actively build portfolio despite economic headwinds Sitex Group continues buying spree – acquires over $250 Million in real estate
NGLEWOOD, NJ — Sitex Group (Sitex) closed more than $250 million in transactions in New Jersey since the beginning of the year. “Despite market uncertain- ty, and a general slowdown across the board, we continue to grow our portfolio with high-quality properties in Tier 1 locations,” said Blake Chro- man , a principal with Sitex. Most recently, Sitex ac- quired an off market, three building, 10-acre industrial campus with parking for more E
as the site offers significant parking, a rarity in the area. The seller was Progressive Insurance. McBride Corpo- rate Real Estate’s Jim Mc- Nerney and John D’Amato arranged the transaction. All of the recent acquisi- tions are in premier loca- tions and offer easy access to New York City, Port New- ark-Elizabeth and Newark International Airport. Added Chroman, “Each of these transactions presented a unique opportunity to secure assets in highly sought-after locations with high visibility and unparalleled access.” Sitex leverages its expertise and relationships to source investment and development opportunities throughout the Northeast. Despite an un- certain economy, the private equity real estate firm made several acquisitions in 2022 including: 7001 Anpesil Dr. in North Bergen; 1601 Liv- ingston Ave. in North Bruns- wick; 380 North St. in Teter- boro; 160 Essex Ave. East in Avenel; and 800 Corporate Dr. in Mahwah. MAREJ and sprinklered throughout, of- fer tailgate and drive-in loading and rail service, and the ceiling heights range from 24’2” to 28’0” clear under bar joist. The properties are surrounded by a network of interstate high- waysincluding I-95, I-295, the Pennsylvania Turnpike, New Jersey Turnpike, US Route 1, and bridges to New Jersey which provide connections to most of the largest cities located along the East Coast. NorthBridge Partners is a Boston-based commercial real estate investment firm that focuses on industrial investments throughout the Eastern US. Roddy Inc. is a marketer, manager and developer of in- dustrial and commercial real estate throughout Eastern Pennsylvania and Southern New Jersey. MAREJ
MAY 2023
distribution companies with a large vehicle fleets given the convenient access to New York City, the Ports and the population centers in the Northeast. The seller was a privately held plumbing sup- ply company. Cushman & Wakefield’s Chuck Fern brokered the sale. In another acquisition, Si- tex acquired a unique, five- 290 Veterans Blvd. in Rutherford, NJ
HI-LIGHTS CRE in Westmoreland County Pennsylvania continues to prosper
than 400 vehicles at 980 New Durham Rd. in Edison. Pend- ing municipal approvals, Sitex plans to demolish one func- tionally obsolete office build - ing while modernizing the remaining two warehouses (100,000 s/f) with new light- ing, offices, fresh paint and a repaved parking lot. Current- ly vacant, the site is expected to attract today’s modern BENSALEM, PA — Roddy Inc. , the Bensalem, PA indus- trial and commercial real es- tate brokerage firm announced that it brokered to NorthBridge Partners an investment sale of a 233,799 square foot, three- building portfolio situated on 11.62 acres, located off State Road in Bensalem, PA. The properties are located at 420, 458 and 524 Imperial Court. The properties are the cor- porate headquarters for Ad- vanced Lubrication Specialties who have occupied the facilities since 1987 and houses the company’s manufacturing and distribution operations. Frank Roddy and Sean Durkin who represented NorthBridge and Advanced Lubrication Special- ties respectively, advised that the portfolio was acquired for $31.25 million. Advanced Lu- brication Specialties plan to
acre site in the heart of the Meadowlands with a 20,000 s/f vehicle maintenance build- ing at 290 Veterans Blvd. in Rutherford. Sitex will repur- pose the building, creating 17,000 s/f of maintenance space and 3,000 s/f of office space, and make it available immediately. The firm expects to draw interest from compa- nies with large vehicle fleets
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266 PARKING SPACES
PAVING ASPHALT
Frank Roddy & Sean Durkin of Roddy, Inc. facilitate sale of Bensalem, PAportfolio totaling $31.25 Million
LOT 15
BUILDING PROPOSED 100,000 SF
ADDITION PROPOSED 25,000 SF
SITE PLAN
WESTMORELAND COUNTY, PA PENN TOWNSHIP
WEAVER DEVELOPMENT, INC.
GRAPHIC SCALE ( IN FEET )
J.R. GALES & ASSOCIATES, INC.
10B
Benjamin R. Picker joins Kaplin Stewart in Blue Bell, PA
12B
ALSO INSIDE
www.marej.com Central NJ Spotlight.......5-7B CREW NJ Chapter............. 8B Western & Central PA..9-BC B People on the Move....... 12B
Bensalem, PA industrial portfolio
continue its operations at the properties on a long-term basis
under the new ownership. All three buildings are heated
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