Jones Lang LaSalle
Parksite Inks 112,000-SF Lease
By Eric Peterson
Last updated: February 7, 2006 01:53pm
(To read more on the industrial market, click here.)
NORTH BRUNSWICK, NJ-Seagis Property Group bought the vacant Permacel facility here in November and quickly launched an overhaul of the 350,000-sf industrial building. Now, the company has hauled in a major tenant for nearly one-third of the building.
Parksite Inc. has signed a lease for 112,000 sf on behalf of its Parksite Plunkett-Webster division at the now-renamed Seagis Corporate Park along Route 1. Parksite was represented in the long-term lease by Thomas Sullivan and Scott Belfer of the East Brunswick office of CB Richard Ellis; Seagis was represented by Jason Goldman, Frank Caccavo and Andrew Siemsen of the Iselin office of Cushman & Wakefield of NJ. Terms of the signing were not released.
“Seagis is making a significant capital investment to improve the site and return it to a productive facility,” says Joe Croft of Parksite Inc., noting that the current renovation is slated for completion in Q2 of this year. His Batavia, IL-based company, which markets a variety of branded and specialty building products, will relocate its regional operations from South Plainfield, to the site once the overhaul is complete.
“We hope that PPW’s occupancy and the overall redevelopment of the site will continue to bring new jobs and vitality here,” says Seagis senior vice president Dave Gibbons. “We’ve also been encouraged by the community’s support for this project.”
Situated on approximately 30 acres, Seagis Corporate Park is located adjacent to the Technology Centre of New Jersey, a project of the New Jersey EDA. With the PPW occupancy, Seagis Corporate Park has just under 240,000 sf of multi-use space still available.
As reported by GlobeSt.com, Seagis bought the property from Permacel Inc. for $7.8 million, or a little more than $22 per sf of building space. Permacel, a maker of specialty tapes, had used the site for manufacturing and distribution, but it became surplus property in 2004 when Permacel sold a couple of its divisions.
Seagis, based in West Conshohocken, PA, was founded in early 2005 by former execs of Keystone Property Trust after that company was sold to ProLogis. The company was launched with the backing of a $250-million equity investment by Principal Enterprise Capital, and in its first year of existence has been actively acquiring industrial properties from New Jersey to Florida.
Parksite Inks 112,000-SF Lease
By Eric Peterson
Last updated: February 7, 2006 01:53pm
(To read more on the industrial market, click here.)
NORTH BRUNSWICK, NJ-Seagis Property Group bought the vacant Permacel facility here in November and quickly launched an overhaul of the 350,000-sf industrial building. Now, the company has hauled in a major tenant for nearly one-third of the building.
Parksite Inc. has signed a lease for 112,000 sf on behalf of its Parksite Plunkett-Webster division at the now-renamed Seagis Corporate Park along Route 1. Parksite was represented in the long-term lease by Thomas Sullivan and Scott Belfer of the East Brunswick office of CB Richard Ellis; Seagis was represented by Jason Goldman, Frank Caccavo and Andrew Siemsen of the Iselin office of Cushman & Wakefield of NJ. Terms of the signing were not released.
“Seagis is making a significant capital investment to improve the site and return it to a productive facility,” says Joe Croft of Parksite Inc., noting that the current renovation is slated for completion in Q2 of this year. His Batavia, IL-based company, which markets a variety of branded and specialty building products, will relocate its regional operations from South Plainfield, to the site once the overhaul is complete.
“We hope that PPW’s occupancy and the overall redevelopment of the site will continue to bring new jobs and vitality here,” says Seagis senior vice president Dave Gibbons. “We’ve also been encouraged by the community’s support for this project.”
Situated on approximately 30 acres, Seagis Corporate Park is located adjacent to the Technology Centre of New Jersey, a project of the New Jersey EDA. With the PPW occupancy, Seagis Corporate Park has just under 240,000 sf of multi-use space still available.
As reported by GlobeSt.com, Seagis bought the property from Permacel Inc. for $7.8 million, or a little more than $22 per sf of building space. Permacel, a maker of specialty tapes, had used the site for manufacturing and distribution, but it became surplus property in 2004 when Permacel sold a couple of its divisions.
Seagis, based in West Conshohocken, PA, was founded in early 2005 by former execs of Keystone Property Trust after that company was sold to ProLogis. The company was launched with the backing of a $250-million equity investment by Principal Enterprise Capital, and in its first year of existence has been actively acquiring industrial properties from New Jersey to Florida.
posted by Jones Lang LaSalle NJ News Blog at 11:02 AM
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