801 Washington Ave. in Carlstadt — Courtesy: Cushman & Wakefield
By Joshua Burd
Sitex Group has sold a roughly 100,000-square-foot industrial building in Carlstadt less than two years after acquiring it, in a newly announced transaction by Cushman & Wakefield.
Brokers with the firm represented Sitex in its disposition of 801 Washington Ave., a fully leased property about two miles north of Route 3. The buyer, Realterm, purchased the 100,627-square-foot asset for an undisclosed price.
“This property is ideally located minutes from Manhattan in the heart of the Meadowlands,” said C&W’s Gary Gabriel, a member of the firm’s New Jersey capital markets team. “We saw strong interest as a result of the property’s functionality, central location relative to the New York MSA population and abundant parking.”
Gabriel brokered the transaction alongside David Bernhaut, Kyle Schmidt and Ryan Larkin, with support from leasing specialists Chuck Fern and Thomas Tucci. In a news release, they noted that 801 Washington Ave. is fully leased to a credit tenant through 2029, offering 12 loading positions and a 2.11-acre paved lot for excess van and car parking.
“The asset’s superior high flow-through functionality makes this a great addition to our portfolio,” said Ben Andreycak, associate vice president of investments for Realterm. “The facility’s location in the region’s most sought after submarket with access to major roadway networks and population density make this an ideal property for HFT and final mile users.”
Located a short drive from several major highways, including the New Jersey Turnpike, the property is less than 10 minutes from the Lincoln Tunnel and the George Washington Bridge. C&W also noted that multiple NJ Transit bus stops are within walking distance.
“The uniqueness of a Meadowlands address, a modern building and excess parking produced the anticipated strong investor response,” Schmidt said.