Jordan Metz, senior vice president of BRC, represented both the buyer, Sitex Group, and the seller, Total Source Logisticsin the transaction.
“The submarket near the port of Carteret/Avenel has seen significant rental growth, rising valuations and insatiable investor interest over the past five years, with an increasing focus on functional properties with excess land. for outdoor parking/storage in irreplaceable locations,” Metz noted. . “160 Essex Ave. E. offers 40,000 square feet of heavy-load storage space and over 2.5 acres of excess land for parking.”
Sitex Group has been an aggressive buyer of industrial property for many years and will add this flagship property to its extensive property portfolio.
Metz has also arranged a short-term sale-leaseback for the seller, who operates its trucking/logistics business on the property. He also represented both parties to this rental transaction.
160 Essex Ave. E. is a 40,000 square foot industrial property located near the New Jersey Turnpike, Route 1-9, Newark Liberty International Airport and Port Newark/Elizabeth. The property includes ceiling heights of 18 feet, seven tailgates and a cargo door, dry sprinklers, 600 amps of electricity and 50 surface parking spaces.