Sitex Group has acquired 801 Washington Ave., a 100,000-square-foot warehouse in Carlstadt, N.J. The seller was owner-occupier Nash Distributors, according to Yardi Matrix data. The asset is now vacant.
Built in 1981 on 5.2 acres, the warehouse offers easy access to New York City, the Port of Newark/Elizabeth, the New Jersey Turnpike, Interstate 80, the George Washington Bridge and the Lincoln Tunnel. The property includes 21-foot clear ceiling heights, 10 loading docks and a large parking area. According to Yardi Matrix data, the single-story concrete building includes refrigerated storage.
This transaction marks Sitex’s third recent industrial acquisition in the area, with the other two assets being New York City warehouse/distribution facilities.
The sale comes after a very active 2018 for the New Jersey industrial market in terms of supply, as 10.6 million square feet of space have been delivered last year, the highest figure since 2001, according to Transwestern.
Image courtesy of Sitex Group