HACKENSACK, N.J.—NAI James E. Hanson has announced the sale of 125 and 200 Central Avenue, a 210,009-SF industrial complex in Teterboro.
Sitex Realty Group LLC, a Chicago-based fully integrated private equity firm that specializes in real estate investment and property management, purchased the site.
A 104,213-sq.-ft. facility, 125 Central Avenue has 9,640 sq. ft. allocated for office space, a 42-ft. ceiling height and 19 loading docks. A 105,796-sq.-ft. facility, 200 Central Avenue has 4,418 sq.-ft. of office space, a 22-ft. ceiling height and 25 loading docks.
NAI Hanson Senior Vice President Gary P. Sauerborn and Vice Presidents Jeffrey W. DeMagistris and Thomas A. Vetter represented the owner, John Landers, of the Marschall Warehouse Company, in this transaction.
Earlier this year, NAI Hanson worked with Sitex during the sale process of 255 Highland Cross, a 22,100-sq.-ft. industrial building in Rutherford, which was the firm’s first purchase in the state.
Sitex has assigned DeMagistris and Vetter to oversee leasing for 125 and 200 Central Avenue. Planned improvements include upgraded sensored lighting, new office buildout, updated bathrooms, expanded car parking and new loading dock doors. The improvements are expected to contribute to a 20 percent saving in electric costs.