Seagis Property Group on Monday announced it has closed on two industrial real estate properties, located at 1 and 11 Graphic Place in Moonachie. The two standalone buildings are 9,660 and 9,636 square feet, respectively, and are situated within the highly desirable Meadowlands submarket. Both buildings were acquired vacant and Seagis plans to upgrade the properties and market them for lease.
Seagis purchased the properties from private ownership, which owned and occupied the buildings for its business, Corporate Jet Support. Chris Koeck, managing director of Newmark, represented both Seagis and the seller in the transaction.
“This value-add opportunity located just outside of New York City perfectly aligns with our investment strategy to secure well-located, functional warehouses in a strong in-fill locations,” Tyler Baker, vice president of Seagis, who is based out of the company’s New Jersey office, stated. “We are pleased to add to our growing Meadowlands portfolio with two functional, standalone buildings. We believe, upon our improvements, that the buildings will be well-positioned for one or two users who are servicing the local area or greater New York City population.”
This is the company’s 12th investment in the Meadowlands submarket, where its portfolio now totals over 1.7 million square feet. This acquisition expands Seagis’ New Jersey regional foothold to 7 million square feet and 150 logistics properties.