245 Moonachie Road in Moonachie — Courtesy: Sitex Group
By Joshua Burd
Sitex Group has added to its ever-growing portfolio of northern New Jersey industrial space, acquiring a 55,000-square-foot warehouse and distribution building in Moonachie.
The private equity firm announced Tuesday that it had purchased a 245 Moonachie Road in from Hwaseung Network America. The sale price was not disclosed.
The two-unit building was built in the 1970s by Russo Development and “is considered modern by today’s standards,” despite its age, Sitex said in a news release. The 100 percent leased property features a 20-foot clear ceiling height, six loading docks, 57 parking spaces and 5,000 square feet of office space.
Sitex still intends to make improvements, including repainting the exterior, repaving the parking lot and updating the lighting, sprinkler and HVAC systems.
“This is a unique, high-quality building,” Sitex Senior Vice President Blake Chroman said in a prepared statement. “It complements our existing portfolio nicely.”
The Moonachie property is Sitex’s ninth acquisition in northern New Jersey in the last 18 months and its fifth in the Meadowlands submarket during that stretch, the news release said. For the firm, it’s part of a strategy that aims to capitalize on the “last mile distribution” trend created by the explosion of e-commerce and same-day delivery service.
Sitex is executing that strategy through investment, development and asset management.
Team Resources represented Sitex in the transaction and has been retained as the exclusive leasing agent for the property, the news release said.