8 Vreeland Ave. in Totowa — Courtesy: Sitex Group
By Joshua Burd
Sitex Group has acquired two industrial properties totaling 180,000 square feet in Totowa, adding to its portfolio of infill warehouses and distribution centers in North Jersey.
The real estate investment firm said Thursday that it purchased 8 Vreeland Ave., a 125,000-square-foot property, and 50 Furler St., which totals 55,000 square feet, from a private investor. The former is leased to Custom Index Inc., but the tenant will vacate next year, allowing Sitex to renovate the property.
Terms were not disclosed.
“We’re excited to add these two properties to our portfolio and we look forward to making 8 Vreeland available for occupancy next year,” Sitex Principal Blake Chroman said in a prepared statement. “We expect strong interest in the building, given that the supply of modern warehouse space in North Jersey is very tight.”
The larger of the two, 8 Vreeland Ave., has 24- to 28-foot clear ceiling heights, a partially air-conditioned warehouse and ample parking, Sitex said in a news release. The property includes 12,000 square feet of office space and 10 loading docks.
The other, 50 Furler St., is leased to SK Custom Creations and has 16-foot clear ceiling heights, three loading docks and 3,000 square feet of office pace.
Both properties are located near Interstate 80 and Route 46, which Sitex said is an ideal location for companies that want to capitalize on proximity to New York City for so-called last mile delivery.
JLL’s Howard Weinberg arranged the transaction, the news release said. The deal marked Sitex’s 10th and 11th industrial property acquisition in northern New Jersey in the past two years.
Sitex has retained Weinberg to market 8 Vreeland Ave. for lease.