Seagis Property Group has acquired 936 Harrison Avenue, a 211,287-square-foot, newly delivered industrial property by Russo Development and River Development in Kearny, Cushman & Wakefield announced.
Cushman & Wakefield‘s Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema represented the sellers (Russo Development and River Development) and procured the buyer (Seagis Property Group).
Seagis Property Group currently owns and operates more than 12 million square feet of quality infill industrial product in Northern N.J., NYC and Miami / Fort Lauderdale markets.
Seagis VP Tyler Baker said the firm was happy to add to his portfolio.
“We are thrilled to acquire 936 Harrison Ave, a premier industrial building in Northern New Jersey,” he said. “Given the buildings direct access off the New Jersey Turnpike, modern features and high-quality construction, we feel this building stands out in the market as a unique opportunity for prospective tenants.”
Chief Development Officer Omer Mir Ahmed agreed: “The transaction was seamless, thanks to decades of experience on the Russo Development and Cushman & Wakefield teams and efforts made by all involved,” he said. “936 Harrison Ave is an outstanding addition to our growing portfolio.”
Spanning 17 acres, the property features 38’ clear height, fully equipped loading, full building circulation and a two-acre fully paved drop lot for fleet and trailer parking.
Gabriel said the features of the property and the reputation of the developers assisted in the sale.
“Russo Development is a prolific and respected developer in New Jersey, and we are pleased to have partnered with them on the sale of this ideally designed and well positioned property,” he said. “936 Harrison Avenue’s strategic location, with one-turn NJ Turnpike access and proximity to the Port of NY/NJ, coupled with its state-of-the-art features, made it a highly attractive investment opportunity.”
Schmidt agreed: “936 Harrison offered Seagis the rare opportunity to acquire a modern warehouse facility within one of the most sought-after industrial submarkets nationwide,” he said. “It could be several years before we see another trophy Meadowlands industrial building marketed for sale. Investors recognized that, and Seagis came out on top after a hugely competitive process.”
