By Joshua Burd
Thor Equities Group has acquired nearly 112,000 square feet of industrial space in Elizabeth as part of a sale-leaseback valued at $18.3 million.
According to the firm, the property at 556-600 Progress St. represents its sixth industrial acquisition in the New York metro area. It noted that the 111,500-square-foot facility sits on 3.8 acres in the heart of the region’s port district, offering 16- to 22-foot ceiling heights, 6,000 square feet of office space, three loading docks, two drive-ins and an outdoor storage yard totaling three-fifths of an acre.
The location also provides its tenant with direct access to Newark Liberty International Airport and the New Jersey Turnpike.
“Our investment in this property underscores our conviction in the enduring strength of the industrial market,” said Jack J. Sitt, founder and managing director of what’s known as Thor Logis. “With this acquisition and sale leaseback arrangement, we gain a greater foothold in the sought-after New Jersey market and demonstrate our commitment to maximizing value for stakeholders.”
Thor’s additional industrial holdings in New Jersey include 153 Linden St. in Passaic, 241 Oraton in Newark and 14-22 River Road in Bogota, according to a news release. It also owns logistics property in key markets in New York, California, Georgia, Texas, Pennsylvania and Illinois as well as internationally.
