600 South River St. in Hackensack — Courtesy: Sitex Group
By Joshua Burd
Sitex Group has made two recent additions to its industrial portfolio in the region, including a nearly five-acre parcel in Hackensack that allows it to complete a 15-acre land assemblage.
The property, located at 600 South River St., is home to a 40,000-square-foot maintenance facility and was formerly occupied by Deluxe International Trucks. Sitex plans to improve the former truck repair facility and make it available for lease, citing its location and abundant parking area and noting that it expects strong interest from companies with large vehicle fleets.
The firm added that it has spent the last few years amassing the 15-acre assemblage, which is now one of the region’s larger industrial sites. CBRE’s Tom Monahan, Larry Schiffenhaus and Steve D’Amato brokered the sale and have been retained as leasing agents for the property.
“The pandemic has accelerated the ecommerce revolution and forced companies to adapt to growing demand from online consumers,” said Zach McHugh, a senior vice president with Sitex. “That means increased investment in order to alleviate the pressure on logistics and same day delivery.”
The firm’s other recent acquisition came at 1155 Commerce Ave. in the Bronx, New York, according to a news release. Currently occupied by the city’s Department of Sanitation, the site includes a 25,760-square-foot warehouse with roughly 8,000 square feet of parking.
Greiner Maltz’s Atanu Bhattacharjee, Waterstreet Capital’s Carl Bronstein and Douglas Elliman Commercial’s Rick Dana arranged the transaction.
“We remain laser focused on our regional business plan of buying and building industrial facilities that meet the unique requirements of today’s sophisticated logistics users,” said Blake Chroman, a principal with Sitex.