NAI Hanson’s Vetter and DeMagistris Receive SIOR Award for Largest Dollar Volume Transaction, Member to Member Redevelopment, in 2016
Hackensack, N.J. (March 28, 2017) – Thomas Vetter, SIOR, and Jeffrey DeMagistris, SIOR, of NAI James E. Hanson were the recent recipients of the Society of Industrial and Office Realtors®’ (SIOR) 2016 Transaction Award for Largest Dollar Volume Transaction in the Member to Member Redevelopment category for their efforts on the $12,490,720 sale of a 53,152 -square-foot fulfillment center in Carlstadt, N.J. The SIOR Transaction Awards honor SIOR members who have completed significant transactions in several categories within the award year.
Vetter and DeMagistris represented Sitex Group in the sale of the newly constructed industrial building located at One Palmer Terrace in Carlstadt, N.J. to Loftex Logistics, a Chinese textile company. Built on the site of a former office building, the new building was designed with the modern warehouse user in mind, boasting 32’ clear ceiling heights, 52’ x 60’ column spacing, five loading docks with 30,000 lb. capacity levelers and one drive-in door. The warehouse also features state-of-the-art, energy efficient T-5 fluorescent lighting and 41 on-site parking spaces as well as a 130’ truck court with a 60’ concrete apron.
“The One Palmer Terrace deal represents the creativity and market knowledge exemplified by brokers holding the SIOR designation,” said Vetter. “Sitex Group is one of the leading developers of industrial space in northern New Jersey and we were committed to their vision of transforming a former office building into a modern warehouse space in the much sought-after Meadowlands submarket. We were able to get under contract on the property before construction even started making this deal one that Jeff and I are particularly proud of.”
“For over 75 years, brokers with the SIOR designation have represented the best of the best in the commercial real estate community,” added DeMagistris. “Tom and I are proud to be a part of such a great community and are honored to receive this award for our work on the One Palmer Terrace deal. We look forward to continuing to bring our market knowledge and expertise to our work at NAI James E. Hanson on behalf of all of our clients.”
Vetter and DeMagistris received their SIOR designations in August 2013. Both Vetter and DeMagistris have been with NAI James E. Hanson for 18 years and are currently Senior Vice Presidents and members of the NAI James. E. Hanson Industrial Brokerage Council with a special focus on the New Jersey Meadowlands Market. They join eight other brokers at NAI James E. Hanson who hold the prestigious SIOR designation.
Nearly, 650 SIORs reported SIOR Transactions in 2016, with a total dollar volume of USD $12.9 billion for all reported transactions. That sum is just a fraction of the total business done by SIOR members around the world. 21 SIOR members were honored individually for their accomplishments in 14 different transactions award categories.
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