SOUTH HACKENSACK/CARLSTADT, NJ—Sitex Group has paid $12 million to acquire 5 Empire Blvd., a 180,000-sq.-ft. industrial facility situated on seven acres in the Meadowlands. Jeffrey M. Miller, senior vice president of Lee & Associates New Jersey, represented both Sitex Group and the seller, AKK International LLC, in the transaction.
“The Meadowlands submarket is one of the most sought-after industrial markets in the U.S. because of its strategic location relative to the NYC metro area and the Teterboro Airport hub,” said Miller. “The scarcity of buildable land within the market provides SRG an opportunity to rebrand this asset into a trophy quality facility.”
According to Miller, the deal took less than 60 days from start to close allowing the seller to take the better capital gains treatment end of year 2012.