HFF announces it has closed the $19.5 million sale of a 212,000-square-foot industrial facility, formerly Daffy’s Distribution Center, located on 20 acres in Secaucus.
HFF arranged the sale on behalf of the Sitex Group, LLC. The property was acquired by MEPT, a $7 billion real estate equity fund advised by Bentall Kennedy.
The high profile site is located on Daffy’s Way within a triangle made up of the Lincoln Tunnel toll road (New Jersey Route 495), New Jersey Route 3 and the New Jersey Turnpike, one of the most trafficked thoroughfares in the U.S. providing access to various localities in New Jersey, Delaware, Pennsylvania and New York. The location is 12.3 miles north of Newark Liberty International Airport and Port Newark/Elizabeth and less than five miles from Midtown Manhattan.
The HFF investment sales team was led by managing director Michael Nachamkin.
“Our team is very pleased with the results of the sale and is excited about the opportunity to build a new working relationship with a great institutional investor,” said Brian Milberg, principal of Sitex.
Sitex Group, LLC (SG), headquartered in New York, is a fully integrated private equity firm that specializes in real estate investment and property management. Bentall Kennedy is one of North America’s largest real estate investment advisors and one of its foremost providers of real estate services. HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.Related Articles: