(Editor’s note: This story was updated Monday, Sept. 26 with additional information from Lee & Associates New Jersey, which brokered the sale.)
By Joshua Burd
Thor Equities Group has acquired a fully leased, 330,000-square-foot industrial building in Passaic for $52 million, as it touts continued investment in the asset class and the region.
The New York-based firm said the property, 153 Linden St., sits on 10.7 acres less than five minutes from Route 21 and 13 miles north of Newark Liberty International Airport. It completed the deal with an undisclosed seller, noting it has acquired three industrial buildings in northern New Jersey within the past year.
“Located in one of the best-performing industrial markets in the nation, 153 Linden Street offers users a rare opportunity to access millions of consumers on the East Coast in record time,” said Joe Sitt, chairman of Thor Equities Group. “Given the extremely low supply and strong demand for well-connected assets in New Jersey, this acquisition is especially exciting for us as we expand our footprint in the Northeast.”
Rick Marchisio, Brian Lynch and Drew Maffey of Lee & Associates New Jersey represented the seller, Waitex, and procured the buyer in the transaction.
“In a fiercely competitive marketplace, all parties were able to negotiate an equitable deal — a testament to both the seller and buyer,” Marchisio said. “The bidding process was highly competitive, which points to continued velocity and appetite for industrial product throughout the entire state of New Jersey.”
In a news release, Thor said the property has 16- and 27-foot clear ceiling heights. The firm also highlighted the site’s access to Port Newark-Elizabeth, the nation’s second-largest shipping hub.
Thor’s other recent North Jersey deals include its purchase of a fully leased warehouse at 241 Oraton St. in Newark and a development site at 22 River Road in Bogota. Meantime, the company last month acquired a collection of 13 industrial assets in Tampa and a cold storage warehouse in Los Angeles that is leased to Anheuser Busch, with a portfolio that now spans multiple regions and multiple counties in Europe.