Sitex Group pays $30M for Greenpoint industrial property
By: TRD Staff
360 Kingsland Avenue in Greenpoint, Brooklyn (Google)
Sitex Group snapped up 98,000 additional square feet of industrial property in Brooklyn earlier this month for $30 million.
According to the Commercial Observer, the New Jersey-based investor has taken hold of 360 Kingsland Avenue via an off-market transaction 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 Expressway, was bought from a family-owned fuel and transportation business that owned the sited 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 the industrial real estate market in New York City “remains the most sought-after.” The industrial real estate sector has been thriving during the Covid-19 pandemic as more people shop online from home and retailers vie to lease last-mile distribution centers to get products to their customers more efficiently.
Sitex has been acquiring industrial sites across the United States for the past few years. It made its first big purchase in 2017 when it gobbled up an assemblage of waterfront properties adding up to 1.2 million square feet in Red Hook Brooklyn for $105 million. It sold that property just 20 months later to then-tenant UPS for $303 million.
Last November, it bought a nearly three-and-a-half acre site at 58-80 Borden Avenue in Maspeth, Queens, for $50 million, and, three months later, took on six acres of land and a 40,000-square-foot building in Paramus, New Jersey as part of a leaseback deal with the transportation giant Coach USA, owners 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.