Industrial property

Sitex Group pays $30 million for Greenpoint industrial property

360 Kingsland Avenue in Greenpoint, Brooklyn (Google)

Sitex Group acquired an additional 98,000 square feet of industrial property in Brooklyn earlier this month for $30 million.

According to the Commercial Observer, the New Jersey-based investor snapped up 360 Kingsland Avenue via an off-market deal brokered by TerraCRG partners Dan Marks and Daniel Lebor on Jan. 14.

The Greenpoint property, near Newtown Creek and a short distance from the Brooklyn-Queens Freeway, was purchased from a family-owned fuel and transportation company that had owned the site since 2012, the newspaper reported.

It already includes manufacturing and office space and has the potential for 196,000 buildable square feet, according to the report.

Marks called the sale another example of how New York’s industrial real estate market “remains the most sought after.”

The industrial real estate sector has flourished during the Covid-19 pandemic as more people shop online from home and retailers compete to rent last mile distribution centers to get products to their customers more efficiently.

Sitex has been acquiring industrial sites across the United States for several years. He made his first big purchase in 2017 when he gobbled up an assemblage of waterfront properties totaling 1.2 million square feet in Red Hook Brooklyn for $105 million. He sold that property just 20 months later to then-tenant UPS for $303 million.

Last November, he bought a nearly three and a half acre site at 58-80 Borden Avenue in Maspeth, Queens, for $50 million, and, three months later, has taken six acres of land and a 40,000 square foot building in Paramus, New Jersey, in a sale-leaseback agreement with transportation giant Coach USA, owner of the popular Megabus brand.

A property adjoining the Kingsland Avenue site — at 301 Norman Avenue — was purchased for $38 million last month by CenterPoint Properties, according to the report.

[Commercial Observer] — Vince DiMiceli