160 Essex Ave. East in Avenel — Courtesy: Bussel Realty Corp.
By Tina Traster
Sitex Group has purchased a 40,000-square-foot industrial building in the Avenel section of Woodbridge for $19.7 million, in a newly announced deal by Bussel Realty Corp.
According to the brokerage team, Total Source Logistics sold the property at 160 Essex Ave. East as part of a process that included a short-term leaseback. The property is near the New Jersey Turnpike, Route 1 & 9, Newark Liberty International Airport and Port Newark-Elizabeth, featuring 18-foot ceiling heights, seven tailboards and one drive-in door, dry sprinklers, 600 amps of electric power and 50 surface parking spaces.
Jordan Metz, senior vice president of BRC, represented both parties in the sale and subsequent lease.
“The port-proximate submarket of Carteret/Avenel has seen significant rent growth, rising valuations, and insatiable investor interest over the last five years, with an increasing focus on functional properties with excess land for parking/outdoor storage in irreplaceable locations,” Metz said. “160 Essex Avenue East offers 40,000 square feet of warehouse space with heavy loading and over 2.5 acres of excess land for parking.”
Tina Traster is a freelance writer and the editor of Rockland County Business Journal. She is also a former business writer for Crain’s New York Business, real estate writer for the New York Post and staffer at the Bergen Record.
