160 Route 17 North in Paramus — Courtesy: Sitex Group
By Joshua Burd
Sitex Group has completed two new industrial transactions in New Jersey, including a lease in Middlesex County with a fast-growing e-commerce auto retailer.
The Englewood-based firm announced Tuesday that Carvana had signed a full-facility commitment at 440 Florida Grove Road in Perth Amboy, the site of a 13,000-square-foot vehicle maintenance building on six acres. Sitex purchased the property earlier this year, citing its low coverage ratio and proximity to a vast highway network.
CBRE’s Larry Schiffenhaus, Tom Monahan and Steve D’Amato brokered the transaction, which will allow Carvana to support its growth in the region.
Sitex also announced its acquisition of 160 Route 17 North in Paramus and subsequent long-term lease with the seller, an undisclosed transportation company. Located on six acres, the 40,000-square-foot building serves as a mission-critical maintenance facility and parking hub for the user.
Marc Imrem of Transwestern brokered the sale.
“The acquisition of the Paramus property is a great example of our team continuing to acquire well-located, infill industrial assets throughout the New York metro area,” Sitex Principal Blake Chroman said. “We are also excited about the Carvana lease and look forward to watching them grow their business with this property.”