Seagis Property Group on Tuesday said it closed on a prime, 6.92-acre industrial real estate property in Metuchen for $24 million, 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,” Tyler Baker, Seagis vice president, said.
Located within the highly desirable Exit 10 submarket, at 60 Leonard St., the frontload, 158,641-square-foot building features a 21-foot clear ceiling height, 20 tailgate doors, two street-level, drive-in doors, parking for 25 trailers, plus ample car parking. The property offers easy access to New Jersey Turnpike Exits 10 and 11, Routes 1, 9, 27 and 440, Interstate 287, the Garden State Parkway and Port Newark.
Seagis plans to immediately upgrade the property with a multimillion-dollar investment.
“Located, minutes from Exit 10 off the New Jersey 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,” Baker added.
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.
