300 North Midland Ave. in Saddle Brook — Courtesy: Sitex Group
By Joshua Burd
Sitex Group has acquired a 50-building, 640,000-square-foot industrial park in Saddle Brook, marking the first sale of the campus since its development began nearly a century ago.
The firm, which is based in Englewood, paid an undisclosed price for what’s long been known as Zuckerberg’s Industrial Park at 300 North Midland Ave. It noted that the Zuckerberg family has held the 40-acre property for three generations, adding that the first building went up in the 1930s.
“We are thrilled to acquire the park,” Sitex Principal Blake Chroman said. “Buying an industrial park of this size in prime infill New Jersey — particularly in Bergen County — is incredibly rare. Over the past decade, we built a relationship with the sellers and always hoped that we would own it someday. We are grateful that the Zuckerberg family selected us to be the new owners.”
In a news release, Sitex noted that Zuckerberg’s Industrial Park is home to 50 buildings and a four-acre trailer parking lot. Tenants include large, notable companies such as UPS, SERVEPRO and Johnstone Supply along with many local companies, while the property offers quick access to Interstate 80 and the Garden State Parkway as well as Port Newark-Elizabeth, Newark Liberty International Airport and New York City.
The now-former owners kept occupancy at more than 90 percent for years, Sitex said, but the latter now plans to honor the Zuckerberg family legacy while modernizing the park. Planned improvements include paving, lighting, new signage and updated building interiors.
“We have the right team in place which enabled us to navigate the complexities of this transaction and swiftly close,” Sitex Vice President Jackson Kaplan said.
The firm announced in April that it had closed more than $350 million in transactions in northern New Jersey in the prior 12 months.
“This was a very unique acquisition opportunity and is another example of our longtime strategy of buying and repositioning industrial properties in key infill locations throughout New York and New Jersey,” Chroman said.
