By Joshua Burd
Sitex Group has added to its northern New Jersey portfolio with the purchase of a 25,000-square-foot industrial property in Englewood, brokers with Lee & Associates announced.
The real estate services firm said it arranged the sale of the property, 240-250 South Dean St., on behalf of Dean Associates LLC. The building changed hands for $3.5 million.
“Lee & Associates New Jersey is pleased to have collaborated with Sitex Group on this transaction,” said Michael Schaible, senior vice president and partner of Lee & Associates New Jersey, who also represented Sitex in its acquisition. “I have worked with Sitex Group many times before and, once again, they have proven to be a reliable and professional organization. They executed every phase of the transaction efficiently and effectively.”
The building’s new owner has retained Lee & Associates New Jersey to lease the property, the firm said, noting that it expects to bring 4,500 square feet to the market this spring.
Located north of Route 4, 240-250 South Dean St. provides easy access to the George Washington Bridge and New Jersey Turnpike. It is the latest in a long line of North Jersey industrial deals completed by Sitex, an Englewood-based private equity firm focused on acquiring, developing and repositioning industrial assets in major infill markets.