131 West Commercial Ave. in Moonachie — Courtesy: Sitex Group
By Joshua Burd
Sitex Group has made another addition to its Meadowlands industrial portfolio, acquiring an 83,000-square-foot warehouse in Moonachie.
The developer and investment firm announced that it purchased the property, 131 West Commercial Ave., from a private seller for an undisclosed price. Sitex now plans to renovate the building’s interior and exterior to improve functionality and aesthetics in order to appeal to corporate occupiers.
Half of the building is leased to a logistics company, Sitex said. The other half will be available for occupancy in the next 30 days.
“This acquisition is another example of executing our business plan to own quality warehouse facilities and development sites in the best locations,” said Blake Chroman, principal with the Englewood-based firm. “We’ve been the most active buyer of industrial real estate in Northern New Jersey because we pay market pricing and have the creativity and experience to get deals done.”
The warehouse can accommodate one or two occupants and features ceiling clear heights up to 20 feet and ample parking, Sitex said. The firm also touted the building’s heavy power supply and solar panels on the roof, along with a highly visible location in the heart of the Meadowlands submarket.
The property is less than 10 miles from New York City, with neighboring users including Amazon, UPS, XPO Logistics, Ryder, Coca-Cola and Iron Mountain.