Updated Feb 11, 2026
Sitex Group Acquires 22,000-SF Industrial Property In South Plainfield From Progressive Casualty Insurance
152 West Street
Building Size
22,000 SF
Asset Type
Industrial
Closing
Feb 10, 2026
About this deal
AI
A 22,000-square-foot industrial property located at 152 West Street in South Plainfield, NJ has been sold. The site spans 4.1 acres and is visible from I-287. The property will be repositioned as a modern industrial/fleet facility featuring overhead doors and outdoor storage.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: Not disclosed
- Sale Date: 02/10/2026
- Address: 152 West Street
- Market: South Plainfield
- Buyer: Brian D. Milberg - Sitex Group
- Seller: Progressive Casualty Insurance
This acquisition represents Sitex Group's second purchase from Progressive Casualty Insurance, indicating a continued relationship between the two entities. The repositioning of the property aims to enhance its utility as an industrial space.
On the Map
Industrial
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Players
South Plainfield Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93