Metz of Bussel Realty Brokers Sale of 429-449 Schiller Street in Elizabeth, New Jersey
EDISON, NEW JERSEY (November 9, 2015) – Bussel Realty Corp. (BRC), a leading industrial real estate services firm in New Jersey, today announced its arranged the sale of 429-449 Schiller Street in Elizabeth, New Jersey, a multi-tenant investment and industrial facility of approximately 40,000 square feet on four acres.
The sales price for the transaction was not disclosed. The buyer was Sitex Group, LLC (SG), a private equity firm specializing in the acquisition, development and management of industrial properties, and the seller was Major Associates. BRC Vice President Jordan Metz was the exclusive broker representing both the buyer and the seller in the transaction.
“As the exclusive agent for 429-449 Schiller Street over the past ten years, I leased the majority of the units to tenants who are in at ‘yesterday’s’ market rates. Pricing has continued to rise, especially for smaller, well-located flex space with loading docks and parking near the ports,” noted Metz. “The property’s remaining two available units enable Sitex to capitalize on tight market conditions with significant rental upside.”
Metz will be retained as exclusive broker to oversee leasing for the new owner. Sitex will make major capital improvements that will enhance the property, making it even more attractive to prospective tenants. “Sitex made a quick, well-informed market decision which ultimately positioned them ahead of several other suitors for this unique acquisition,” Metz added.
Located directly off of Exit 13A of the New Jersey Turnpike, 429-449 Schiller Street is an approximately 40,000-square-foot industrial property. The property features 16-foot to 20-foot ceiling heights, 12 tailboards and 8 drive-ins, 400 amps electric power, 30-foot by 30-foot column spacing, and heavy trailer parking. The property’s location provides immediate access to Port Newark/Elizabeth, Newark Liberty Airport and the Goethals Bridge to Staten Island and Brooklyn.
About Sitex Group, LLC
Sitex Group, LLC (SG), headquartered in New York, is a fully integrated private equity firm that specializes in real estate investment, development and management of industrial properties. SG’s core objective is to acquire industrial real estate located in the Chicago, New York/Northern New Jersey, and Southern California metropolitan submarkets. Founded in 2001, Sitex is led by a cohesive and experienced team of professionals who together have been amongst the most active local investors in the industrial sector.
About Bussel Realty Corp.
With one of the largest dedicated industrial brokerage staffs in New Jersey, Bussel Realty Corp. (BRC) is a leading industrial real estate services firm located in Central New Jersey with individual memberships in the Society of Office & Industrial Realtors (SIOR). BRC provides leasing and sales brokerage services to users, corporate occupiers, landlords, owners and investors, representing millions of square feet of property and tenant client assignments annually. The firm’s clients have included several of the largest Fortune 500 Companies, as well as numerous manufacturing, distribution and services companies both nationally and locally. Currently, BRC is handling in excess of three million square feet of corporate and industrial real estate in New Jersey.