By Joshua Burd
Sitex Group has entered the South Florida market with the acquisition of more than 53,000 square feet of warehouse space in Fort Lauderdale.
The firm, which is based in Englewood, said the deal includes two single-story buildings within the Fort Lauderdale Commerce Center at 3580-3590 Northwest 56th St., according to a news release. The facilities span 37,500 and 15,700 square feet, offering a combined 19 loading docks, renovated office space and a location between Interstate 95 and the Florida Turnpike and near Port Everglades, a critical distribution corridor in South Florida.
Sitex acquired the fully leased buildings from a private seller. Terms were not disclosed.
“We are thrilled to announce our first acquisition in South Florida,” said Jackson Kaplan, senior vice president and head of Florida acquisitions for Sitex. “Our expedited investment process, in contrast to the extended approval process of our competitors, is a strategic advantage. The synergies between South Florida and the Northeast corridor are what excite us. This is a natural and strategic expansion for our firm as we seek to be very active in growing our portfolio in this market.”
The firm, which is among the latest New Jersey firms to expand to the Southeast, added that it was now on its 11th fund and is actively seeking new acquisition opportunities in South Florida, including existing warehouses, distribution facilities, land for industrial development and outdoor storage facilities in Miami-Dade, Broward and Palm Beach counties.
Lee & Associates’ Greg Milopoulos sourced the opportunity on Sitex’s behalf.
“Greg was instrumental in getting this over the finish line, and I am looking forward to working with him again in the future,” Kaplan said.
