629 Henry St. in Elizabeth — Courtesy: Sitex Group
By Joshua Burd
Sitex Group has expanded its New Jersey industrial portfolio with two acquisitions about 13 miles apart, including a vacant site and a 23,000-square-foot warehouse.
In the first transaction, the firm purchased more than six acres at 440 Florida Grove Road in Perth Amboy, which it described as a low-coverage site that includes a 13,000-square-foot vehicle maintenance facility with 12 overhead doors, a wash bay and a fuel pump station. The site is paved, fenced and lit and is just off Route 440, providing it with quick access to highways such as routes 1 and 9, the Garden State Parkway and the New Jersey Turnpike.
Sitex said that, given the limited supply of low-coverage land sites with large surface parking areas near the New Jersey Turnpike corridor, it expects strong interest from companies with large fleet vehicle and truck parking requirements.
The existing 23,000-square-foot warehouse, located at 629 Henry St. in Elizabeth, sits on 1.8 acres and features 28-foot clear ceiling heights, two loading docks and two drive-in doors, according to a news release. The firm said that more than an acre of the property is paved and fenced for the secure parking of trucks and other vehicles, while the site is located near Exit 13A of the Turnpike and only a few miles from Port Newark-Elizabeth.
The building is leased to a logistics company that relies on the property’s immediate access to the port.
“We are thrilled to add these two properties to our fast-growing logistics real estate portfolio,” Sitex Principal Blake Chroman said. “They speak to our longstanding strategy of acquiring and developing industrial facilities in strategic, infill locations throughout the greater New York metro area. While other investment groups have taken a wait-and-see approach during the pandemic, we have been incredibly active on the acquisition front.”
Both sellers were private investors.
