A Chinese textile company buys a newly constructed 53,000 square foot warehouse at 1 Palmer Terrace in Carlstadt’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 Jersey’s office market languishing, Sitex decided to demolish the office building and built the warehouse. Online shopping has boosted companies’ appetite for warehouse space — especially close to New York City — 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 — in Ridgefield and Mahwah.
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