New York, NY, June 12, 2024 (GLOBE NEWSWIRE) -- Thor Equities Group, a global leader in real estate development, leasing and management, is pleased to announce the successful completion of a sale-leaseback transaction in New Jersey for $18.3M. This latest acquisition represents the sixth industrial acquisition in the New York metro area for Thor.
Located on 3.8-acres in Elizabeth, New Jersey, 556-600 Progress Street offers immediate proximity to the Port of Newark, the largest port on the East Coast; as well as Newark Liberty International Airport and I-95. The 111,500 square foot facility is fully leased and features 6,000 square feet of office, three loading docks, two drive-ins, a .60-acre outdoor storage yard, and 16’-22’ clear heights.
"Our investment in this property underscores our conviction in the enduring strength of the industrial market,” said Founder and Managing Director of Thor Logis, Jack J. Sitt. “With this acquisition and sale leaseback arrangement, we gain a greater foothold in the sought-after New Jersey market and demonstrate our commitment to maximizing value for stakeholders.”
Thor’s additional industrial holdings in New Jersey include 153 Linden Street in Passaic, 241 Oraton in Newark, and 14-22 River Road in Bogota, which the firm recently restored rail access to. Thor has amassed a widespread industrial portfolio with holdings in key markets in New York, California, Georgia, Texas, Pennsylvania, and Illinois in the US; and Spain, France, the UK, and the Netherlands abroad. Thor has successfully executed multiple sale leaseback transactions across its industrial platform, ensuring the continued operation of assets.
Thor’s recent activity includes the firm’s push into the data center sector which CEO and Chairman, Joe Sitt, discussed on CNBC’s Squawk on the Street show. Mr. Sitt discussed the voracious appetite for new technology driving the demand for data centers and interest from investors. Thor’s Chairman also spoke on Bloomberg Markets last month to discuss Electreon, the leading provider of wireless charging solutions for electric vehicles; as well as inflation, luxury retail, and opportunities across the evolving real estate market.
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About Thor Equities Group
Thor Equities is a leader in the development, leasing and management of industrial, laboratory, residential, office, hotel and mixed-use assets in premier locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 20 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.
