Seagis Property Group Acquires 20,000 SF Industrial Building in North Jersey

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Jun 20, 2024, 09:09 ET

EAST RUTHERFORD, N.J., June 20, 2024 /PRNewswire/ -- Seagis Property Group ("Seagis") announced today that it closed on a warehouse facility located at 333 Veterans Boulevard in Carlstadt, NJ. The building totals 19,974 square feet, features 16' clear ceiling heights, and is situated on +/- 1.0 acres in the Gotham Industrial Park, located within the Meadowlands submarket of Northern New Jersey. The property has excellent access to the New Jersey Turnpike and close connectivity to Manhattan and Port Newark. Acquired vacant, Seagis plans to upgrade the property and market it for lease.

Seagis purchased the property from a private owner. Tom Nuara, Principal, from Resource Realty represented Seagis and the seller in this transaction.

"We are pleased to add another well-located Northern New Jersey building to our growing Meadowlands portfolio," said Tyler Baker, Vice President, who is based out of Seagis' local office in Northern New Jersey. "This property works well within the local market, offering tenants a stand-alone 20,000 square foot building with three loading docks and under 10% office. Immediately upon closing, we plan to invest a significant amount of capital to bring the building to today's market standards and align with our existing portfolio. This opportunity perfectly aligns with our investment strategy, to secure well-located, functional warehouses in strong in-fill locations. We will continue to seek out investment opportunities to increase our portfolio concentration in this submarket."

This is the Company's fourteenth investment in the Meadowlands submarket, where its portfolio now totals 1.36 million square feet and expands its overall NJ portfolio to over 5.7 million square feet and forty logistics properties.

For more information about this property, please contact Tyler Baker at [email protected]

About Seagis Property Group

Seagis Property Group is a privately held real estate owner focused on the acquisition and development of industrial properties in global logistics hubs along the Eastern Seaboard. The company's portfolio spans more than 11.7 million square feet of space and includes 190 buildings in New Jersey, New York City, and South Florida. Seagis acquires core, value-add and development real estate for warehouse/logistics use. The company was founded in 2005 and is headquartered in Conshohocken, Pennsylvania. For more information, visit www.seagisproperty.com.

SOURCE Seagis Property Group LP