Sharp Sells U.S. HQ in Mahwah, but Will Lease Site to Stay There
January 12, 2014 – NorthJersey.com reports that Sharp Corporation of Japan is selling its U.S. headquarters that are based in Mahwah, New Jersey, for a reported $38 million to the real-estate investment firm Sitex Group, but that Sharp will lease back its headquarters in order to stay at the site.
Sharp’s property in Mahwah includes the 147,000-square-foot Sharp headquarters building, a 350,000-square-foot warehouse and 23 open acres, according to Brian Milberg, a principal with the Sitex Group, which invests mostly in industrial property.
A representative for the Scitex Group told NorthJersey.com that it plans to market the 23 open acres as “build-to-suit” office or warehouse space.
The Sharp site is located on the norther New Jersey/southern New York state border, on the intersection of Routes 17 and 287 and the New York State Thruway.
According to Dennis Gralla a real estate broker who represented Sharp, Sharp will remain in New Jersey: “Sharp is committed to New Jersey and will stay in New Jersey,” Gralla said. Neither Gralla nor Milberg would reveal the sale price, but Costar, a company that tracks commercial real estate data, listed it as $38 million.
The Mahwah site was built in 1985 for Sharp, and there are about 600 Sharp employees at the site. The office building is completely occupied by Sharp, and the warehouse is largely rented by the discount retailer Amazing Savings.