NAI Hanson Completes Deal With Chinese Company For Purchase of Newly Constructed Meadowlands Industrial Building

On Feb 24, 2016

NAI James E. Hanson, a full-service independent commercial real estate firm, has brokered the sale of a newly constructed 53,152-square-foot industrial building in Carlstadt to Loftex Logistics, LLC, a Chinese textile company. Loftex Logistics, LLC will use the property as its first fulfillment and distribution center in the United States. NAI Hanson’s Tom Vetter, SIOR and Jeff DeMagistris, SIOR represented the seller, Sitex Group.

The newly constructed industrial building located at One Palmer Terrace was built with today’s 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 has state-of-the-art, energy efficient T-5 fluorescent lighting. There are 41 on-site parking spaces as well as a 130’ truck court with a 60’ concrete apron.

“Our client, Sitex Group, one of the most active buyers and developers of industrial real estate in Northern New Jersey, acted quickly and closed without contingencies on the acquisition of the property.  The site was previously improved with an office building.  Sitex had the vision to redevelop the site into a state-of-the-art warehouse / distribution center, creating one of the only Class A warehouse facilities available in the Meadowlands submarket” sad Vetter.  The space and its location were so desirable that Loftex Logistics, LLC went under contract on the property before construction even started. We will continue to see quick absorption of new, quality industrial assets within the Meadowlands sub-market due to very little land available for development, its close proximity to New York City and the emergence of e-commerce.”

One Palmer Terrace offers excellent access to Routes 3, 17, 46 and 80 as well as The New Jersey Turnpike. The property is within thirty minutes of Newark International Airport, and less than 11 miles from the Lincoln Tunnel, the George Washington Bridge and the Holland Tunnel. Port Newark-Elizabeth is just 12.7-miles away.

Century 21 New Beginnings Realty represented the buyer.

 

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