- Chicago-Based Private Equity Firm Acquires Second Industrial Property This Year -
NAI James E. Hanson today announced the sale of 125 and 200 Central Avenue, a 210,009-square-foot industrial complex in Teterboro, N.J.
Sitex Realty Group, LLC, a Chicago-based fully integrated private equity firm that specializes in real estate investment and property management, purchased the site.
A 104,213-square-foot facility, 125 Central Avenue has 9,640 square feet allocated for office space, a 42-foot ceiling height and 19 loading docks. A 105,796-square-foot facility, 200 Central Avenue has 4,418 square feet of office space, a 22-foot ceiling height and 25 loading docks.
NAI Hanson Senior Vice President Gary P. Sauerborn and Vice Presidents Jeffrey W. DeMagistris and Thomas A. Vetter represented the owner, John Landers, ESQ, of the Marschall Warehouse Company, in this transaction. “Sitex selected this building due to its excellent quality and prime location,” DeMagistris said. “We have established a relationship with this growing company and hope to help them in the future as they expand in the New Jersey industrial marketplace.”
Earlier this year, NAI Hanson worked with Sitex during the sale process of 255 Highland Cross, a 22,100-square-foot industrial building in Rutherford, N.J., which was the firm’s first purchase in the state. “This was another exceptional opportunity for us to expand our holdings in the competitive New Jersey marketplace,” said Brian D Milberg, Principal at Sitex. “We expect we will continue on this acquisition pace and partner with NAI Hanson on future deals.”
Sitex has assigned DeMagistris and Vetter to oversee leasing for 125 and 200 Central Avenue. Planned improvements include upgraded sensored lighting, new office buildout, updated bathrooms, expanded car parking and new loading dock doors. The improvements are expected to contribute to a 20-percent saving in electric costs.