The following appears on northjersey.com

Sharp Electronics Corp. has sold its U.S. headquarters building in Mahwah to the real estate investment firm Sitex Group for $38 million, but plans to stay on the site by leasing back the space for 12 years.

The sale 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.

“We were drawn to the land and the warehouse, and the office building was a bonus,” Milberg said. He said the company plans to market the 23 open acres as “build-to-suit” office or warehouse space.

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Milberg called the property’s location “phenomenal” – near the New York State line and the intersection of Route 17, Route 287 and the New York State Thruway. It had been on the market for about two years, said Dennis Gralla of Cresa NJ in Rutherford, a real estate broker who represented Sharp.

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