Search Site
Acquisition
June 28, 2022
Located in Metuchen, NJ, Within Northern New Jersey’s Exit 10 / Route 287 Submarket, the Warehouse Facility will be Upgraded with a Multimillion Dollar Renovation
RUTHERFORD, NJ (June 28, 2022) – Seagis Property Group LP (“Seagis”), one of New Jersey’s most active industrial real estate investors and owners, today announced it has closed on a prime, 6.92-acre industrial real estate property featuring a 158,641-square-foot building with ample space for car and trailer storage. Located at 60 Leonard Street in Metuchen, New Jersey, the property is situated within the highly desirable Exit 10 submarket. Seagis will immediately upgrade the property with a multimillion-dollar investment.
Seagis purchased the property from P&V Warehouse Distribution, a New-Jersey-based trucking company. Steve Bussel, President of Bussel Realty Corp, represented both Seagis and the seller in the sale transaction and will be handling the marketing efforts to lease the vacancy.
“This value-add opportunity perfectly aligns with our investment strategy to secure well-located, functional warehouses and to upgrade them to today’s market standards,” said Tyler Baker, Vice President of Seagis, based out of the company’s New Jersey office. “Located, minutes from Exit 10 off the NJ Turnpike, along the I-287 corridor, and 30 minutes from Port Newark, this property is highly accessible and boasts a major local labor pool. There is also ample on-site trailer parking, an amenity that remains in high demand across industrial properties.”
Brian Tozer, Vice President of Seagis, added, “Upon completion of our multimillion-dollar investment, this property will be a top choice for industrial users.”
The frontload, 158,641-square-foot building features a 21’ clear ceiling height, 20 tailgate doors, 2 street- level, drive-in doors, parking for 25 trailers, plus ample car parking. Strategically located in the Exit 10 submarket, the property offers easy access to Turnpike Exits 10 and 11, Routes 1, 9, 27, 287, 440, the Garden State Parkway and Port Newark.
This acquisition expands Seagis’ New Jersey regional foothold to 34 logistics properties, totaling more than 5.4 million square feet of investment-grade industrial space.
For more information about this property or Seagis’ New Jersey portfolio, please contact Tyler Baker at tbaker@seagisproperty.com
<p class=’lead’>Seagis Property Group LP (“Seagis”)</p>
Seagis Property Group LP (“Seagis”) is a privately held industrial real estate owner and investor focused on the acquisition and development of properties located in logistically driven markets along the Eastern Seaboard. The company’s current portfolio spans more than 13 million square feet of space in New Jersey, New York, and South Florida. Seagis acquires stabilized core, core-plus, value-add, and development real estate for logistics use. Since its inception in 2005, Seagis has successfully acquired and developed more than 14.3 million square feet of industrial space. Seagis is headquartered in Conshohocken, Pennsylvania, located in suburban Philadelphia.