100 West Forest Ave. in Englewood — Courtesy: Sitex Group
By Joshua Burd
Sitex Group has acquired a 72,000-square-foot warehouse in Englewood as the latest addition to its northern New Jersey industrial holdings.
The developer and investment firm announced last week that it purchased 100 West Forest Ave., a multitenant property off Route 4, for an undisclosed price. Built 20 years ago by the seller, the building is fully leased to six tenants and offers a location with easy access to Interstate 80, the New Jersey Turnpike and the George Washington Bridge.
Michael Schaible of Lee & Associates brokered the transaction and will oversee leasing at the property moving forward.
“We’re excited about acquiring 100 W. Forest,” said Blake Chroman, a principal with Sitex. “We think it’s such a unique asset in the market. Demand for small, class A warehouse spaces near New York City far exceeds the supply.
“This property has historically remained 100 percent leased and we expect that to continue going forward.”
The Englewood-based firm said the building, which has 20-foot ceiling heights and abundant loading docks and parking, has longattracted service-oriented companies seeking a high-image space for its employees and customers.
The deal comes as Sitex continues to seek investment opportunities for high-end, well-located industrial and warehouse space in the region, having recently expanded its footprint to the outer boroughs of New York.