55 Shepherds Lane in Totowa — Courtesy: Sitex Group
By Joshua Burd
A lighting company is growing its footprint with the signing of a new 90,000-square-foot lease in Passaic County with Sitex Group, the property owner said Tuesday.
Sitex said the tenant, Coronet, inked the lease at 55 Shepherds Lane in Totowa. The commercial and industrial lighting manufacturer will take a little more than half of the 172,000-square-foot warehouse and distribution facility, which Sitex acquired in June 2015.
“We’re excited Coronet has chosen this property as its headquarters,” Sitex Principal Blake Chroman said. “We’re delighted to welcome them to the Sitex portfolio and look forward to watching their business grow.”
The lease represents a 58 percent increase in space from Coronet’s location at 77 Wood St. in Paterson, where it currently occupies 57,000 square feet, according to a news release. And it follows a major overhaul at the building by Sitex, with upgrades including a new roof, HVAC equipment, warehouse lighting, sprinkler systems, offices, bathrooms and parking lot.
Sitex said the building’s modernization, coupled with its location near Interstate 80, “made this an especially attractive opportunity for Coronet, which sought immediate access to the area’s abundant labor pool along and, as importantly, access to New York City and the Port of Newark/Elizabeth.”
“This facility is ideally suited for our many needs,” Coronet CEO and President Russell Osur said. “It has not only allowed us to retain our invaluable employees but also grow our business in a new, more efficient facility.”
John Friedland and Mark Tannen of United Realty Advisors represented Sitex in the transaction and are currently marketing the remaining 80,000 square feet of available warehouse space.
