A Chinese textile company buys a newly constructed 53,000 square foot warehouse at 1 Palmer Terrace in Carlstadtâ€™s industrial section in January for use as its first U.S. distribution center.
According to CoStar, a commercial real estate research company, the company paid $12.49 million, in a deal that reflects the strong demand for industrial space in the meadowlands.
The warehouse was built by Sitex Group, a New York-based owner of industrial real estate. Sitex bought the 7.5-acre property, which formerly held an office building, in 2013 for just under $1 million, according to public records.
With North Jerseyâ€™s office market languishing, Sitex decided to demolish the office building and built the warehouse. Online shopping has boosted companiesâ€™ appetite for warehouse space â€” especially close to New York City â€” as consumers expect quick deliveries.
According to broker Tom Vetter, they will continue to see quick absorption of new, quality industrial assets within the meadowlands submarket due to very little land available for development, its close proximity to New York City and the emergence of e-commerce.
Sitex is becoming more active in new construction, and has plans for two other warehouse projects in Bergen County â€” in Ridgefield and Mahwah.
A report that is issued every week covers price statistics and objective analysis of the market trends on various textile value chains
A crisp report that is issued every month covers analysis of the price and market trends on various textile value chains
A weekly report covering market and price information on the entire chain of polyester along with online access to daily polyester chain prices.
One-time reports that are issued annually cover the demand and supply trends in individual products including polyester, nylon, acrylic, viscose, and cotton.
One-time reports that are issued annually cover the demand and supply trends in the individual country's natural and manmade fiber/filament industries.
Countries Served Worldwide