Ep. 006 Bill Sitar: Industrial Real Estate Demand, COVID-19 Effect on the Industrial Real Estate Market | Podcasts

Today we talk with Bill Sitar Jr., EVP of Sitar Realty Company, about how the COVID pandemic is affecting the industrial real estate market — particularly in New Jersey.

While COVID is having a negative effect on many asset classes, it doesn't seem to be affecting industrial that much. For example, in New Jersey, the demand to purchase warehouse buildings seems insatiable and it's hard to find product and keep product when you have it for sale, and in many cases, warehouse buildings are priced higher than office buildings.

Bill thinks that for the foreseeable future, the demand will remain strong for industrial real estate.

Key Discussion Points

[00:17] Welcome and introduction by Eric Odum

[00:51] About our guest, Bill Sitar Jr. (EVP of Sitar Realty Company in New Jersey)

[02:09] Given the current COVID pandemic, what is happening in the Industrial Market in your area?

[03:37] What is the vacancy rate like in New Jersey right now compared to pre-COVID?

[06:22] How would you respond to investors looking for deals in Industrial?

[07:30] How would you respond to an industrial investor who says they think there will be deals 9 months from now

[08:58] How has the Panamax ships that recently came online affected your business?

[10:47] Is the increase in cold storage space related to COVID?

[11:53] Give us an overview of datacenters and how it pertains to industrial

[13:31] Has there been a decrease in demand for any specific type of industrial space?

[17:34] How can folks get in contact with you?

Bill Sitar Jr.
Executive Vice President, Sitar Realty Company/TCN Worldwide
www.sitarcompany.com

William Sitar Jr., Esq., is an Executive Vice President of Sitar Realty Company, a full-service commercial real estate firm based in New Jersey. Prior to joining the Company, Mr. Sitar served as an equity analyst at Solomon Smith Barney, clerked for Honorable Alan A. Rockoff and Honorable John S. Kuhlthau in the Superior Court of New Jersey, and was a partner at the law firm of Mandelbaum & Mandelbaum.

In his role as Executive Vice President, Mr. Sitar leverages his 25 years of experience in the areas of real estate brokerage, legal services, and development work. Bill’s local market expertise and legal experience enable him to provide comprehensive corporate and commercial real estate solutions for his clients, including Nationwide Referral Attorney Services, Atlantic Health Systems, Picatinny Federal Credit Union and Dendrite, Inc., among others.

Among Mr. Sitar’s most notable transactions include work on the $350 million disposition of the Dwek portfolio; industrial sales and leases exceeding 10,000,000 square feet; a 265,000 square feet redevelopment project in Carteret, N.J.; a 157,633 square foot industrial lease for Fortunoff Holdings; and an industrial sale of 11.5 acres of land for ASA Apple; sale of 256,000 SF industrial building to a Chicago REIT. Mr. Sitar has also worked on corporate real estate transactions for such companies as Walgreen’s, Marriott Hotels, Office Depot, Preferred Freezer Services, and NetJets Inc.

Bill is a licensed New Jersey real estate salesperson and broker. Mr. Sitar has a law license in both New Jersey and Pennsylvania. He has been published in the Tax Court and New Jersey Superior Court reports, and has argued before the New Jersey Supreme Court in 2nd Roc vs. Morristown. In 2017 and 2018, he was recognized as a “CoStar Power Broker” by Real Estate New Jersey. Bill is also on the Board of Directors and Treasurer of TCN Worldwide Network. Mr. Sitar holds a Master of Business Administration from St. Peter’s College located in Jersey City, N.J., a J.D. from Seton Hall University located in Newark, N.J. and a Bachelor of Arts from Boston College.

William can be reached at 732.283.9000 x 2155 or emailed at bsitarlaw@sitarcompany.com