Sitex Group Sells 113 KSF Industrial Portfolio in N.J.
The property is leased to 22 tenants.
Port Newark Industrial Park. Image courtesy of Cushman & Wakefield
Westbrook Partners, in a joint venture partnership with Camber Real Estate Partners, has acquired Port Newark Light Industrial Park, a 113,743-square-foot portfolio in Orange, N.J. Cushman & Wakefield worked on behalf of seller Sitex Group.
The Port Newark Light Industrial Park consists of five buildings located at 119, 175 and 182 Hill St. and at 43 Hickory St. The asset encompasses different spaces, ranging between 2,500 and 13,500 square feet. Buildings feature loading docks and individual store fronts and the largest facility, offering 40,000 square feet of space, is located at t 119 Hill St., according to CommercialEdge.
The portfolio is situated across Interstate 280, at Exit 11B, close to the Garden State Parkway, 2.8 miles from downtown South Orange, 4.5 miles from downtown Newark, within 13 miles of Jersey City and 14 miles of Linden. The property is currently leased to 22 tenants.
Cushman & Wakefield’s team consisted of Executive Vice Chairmen Gary Gabriel and David Bernhaut, Executive Director Kyle Schmidt and Associate Director Ryan Larkin negotiated on behalf of the seller. Multi-tenant properties are limited in the area and the new ownership identified the opportunity of securing an asset that will attract multiple and diversified tenants, said Vice Chairman Gary Gabriel in prepared remarks.
The deal comes in on the heels of strong performance for the industrial sector overall, but also specifically for the New Jersey market. According to the most recent CommercialEdge national industrial report, New Jersey was third in average rent growth in the nation, at 7.8 percent year-over-year, while average vacancy was below the 3 percent-mark.
Last month, Modern Logistics purchased a 73,276-square-foot two-building portfolio in Linden, N.J. In July, The Rockefeller Group broke ground on Rockefeller Logistics Park, a 172,622-square-foot project in Long Island, N.Y., expected to be completed in 2023.
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