M id A tlantic Real Estate Journal — Owners, Developers & Managers — October 2024 — 37
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O wners , D evelopers & M anagers Private equity firm secures 19 leases, achieves record 350,000 s/f in most successful quarter Sitex Group closes Q3 2024 amid strong demand for infill properties NYC Metro Industrial Corridor E NGLEWOOD, NJ — Capitalizing on robust demand for well-located to Warshaw Inc. at 980 New Durham Rd. in Edison, NJ
With its portfolio stabilized, and armed with significant capital to deploy, Sitex is re- affirming its confidence in the strength of the industrial market. The firm is now ac- tively seeking new investment opportunities, turning its at- tention to infill acquisition and development opportunities in NYC, NJ, Long Island and Westchester County. “We believe in this market and are well-positioned to capitalize on new opportuni- ties to grow our portfolio,” said Max Fuchsman , VP of Sitex Group, LLC. MAREJ
• A 30,000 s/f warehouse lease to CorePharma at 4 Gladys Court in Edison ·• A lease renewal with a global logistics company for a four-acre trailer parking lot and main- tenance garage at Zuckerberg Industrial Park in Saddle Brook • A lease for a five-acre site (improved with a 40,000 s/f building) to Academy Bus at 600 S. River St. in Hackensack • A lease for a 2.25-acre site (improved with a 17,000 s/f building) to Edge Auto at 360 Kingsland Ave. in Brooklyn, NY
infill proper - ties in the NY metro in- dustrial cor- ridor, Sitex Group (Si- tex) closed out the third quarter with a company
Max Fuchsman
record for leasing. The private equity firm focused on acquir - ing, developing and reposi- tioning industrial assets, se- cured 19 leases totaling nearly 350,000 s/f, making it the firm’s most successful quarter for new tenant signings and renewals/ expansions ever. During the three-month stretch, Sitex executed the fol- lowing notable transactions, and brought its portfolio to near full occupancy: • A 65,000 s/f warehouse lease REDCOM Design & Construction’s Rockaway guests on WRNJ Radio WESTFIELD, NJ — Sam Rockaway , senior VP of sales at REDCOM Design & Con - on a variety of topics such as getting project approval. Rocka- way said, “One of the biggest challenges is the approval pro- cess. In New Jersey, approval to build includes agreement by all the agencies involved: the Department of Transportation, the Department of Environ- mental Protection, and the local and state authorities which can be very challenging. It can take anywhere between a year or two and can cost in the range of five hundred thousand to a million dollars.” According to Ryan Teicher , REDCOM CEO, “The precon- struction phase of a project is critical and complex, as Sam noted. At REDCOM, hav - ing engineers, architects and construction managers under one roof helps our clients get through this process as effi- ciently as possible.” MAREJ struction , was recently interviewed on WRNJ Radio. In conver- sation with Host Bert Baron, Rock- away spoke Sam Rockaway
360 Kingsland Ave. in Brooklyn, NY
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