Jones Lang LaSalle
Seagis Buys Nearly 1M-SF Warehouse Building
By Eric Peterson
Last updated: March 23, 2006 02:19pm
(To read more on the industrial market, click here.)
EDISON, NJ-Seagis Property Group has acquired the 955,000-sf industrial building at 2170 Lincoln Highway here, paying $61.5 million for the asset. The sale price factors out to $64.40 per sf of building space, but the site also has land available for future development. Lincoln Highway is also known as Route 27.
The seller of the building was an affiliate of its major occupant, Victoria Classics. The New York-based home furnishings company will stay in the building, leasing it back on a long-term basis. Terms of the lease were not disclosed.
“This acquisition provided us with the opportunity to obtain a very large asset with tremendous trailer parking capacity,” says Dave Gibbons, senior vice president of the West Conshohocken, PA-based Seagis. “It also has ground for future development in one of the strongest submarkets in the New Jersey Turnpike corridor.” In terms of future development, the building’s 50-acre rail-served site has an adjoining 10-acre undeveloped tract. Total build-out capability is in the 600,000-sf range, according to Gibbons.
As reported by GlobeSt.com, the Victoria Classics affiliate bought the sprawling asset in late 2003 from the Electrolux Corp., and moved in during Q1 of 2004. The building had been used by Electrolux’s Frigidaire division, which had shut down operations in the summer of 2003 after more than 50 years at the site. Victoria Classics occupied about two-thirds of the building, leasing the remaining space to Kenco, a Chattanooga, TN-based third-party logistics provider.
The move-in by Victoria Classics consolidated four of its then-existing warehouse and distribution locations in Brooklyn, NY and Newark, Elizabeth and Woodbridge, NJ. The company sells imported home furnishings through such retail chains as JCPenney, Linen ’n Things, Bed Bath & Beyond, Burlington Coat Factory and Target.
The latest acquisition comes on the one-year anniversary of Seagis’ founding by former Keystone Realty Trust execs Charles C. Lee Jr. and John Begier. In its first year, the firm has picked up $215 million of industrial properties, amounting to 3.2 million sf. Virtually all of that activity involves logistically driven properties and has occurred in the New Jersey, New York and Miami markets.
Seagis Buys Nearly 1M-SF Warehouse Building
By Eric Peterson
Last updated: March 23, 2006 02:19pm
(To read more on the industrial market, click here.)
EDISON, NJ-Seagis Property Group has acquired the 955,000-sf industrial building at 2170 Lincoln Highway here, paying $61.5 million for the asset. The sale price factors out to $64.40 per sf of building space, but the site also has land available for future development. Lincoln Highway is also known as Route 27.
The seller of the building was an affiliate of its major occupant, Victoria Classics. The New York-based home furnishings company will stay in the building, leasing it back on a long-term basis. Terms of the lease were not disclosed.
“This acquisition provided us with the opportunity to obtain a very large asset with tremendous trailer parking capacity,” says Dave Gibbons, senior vice president of the West Conshohocken, PA-based Seagis. “It also has ground for future development in one of the strongest submarkets in the New Jersey Turnpike corridor.” In terms of future development, the building’s 50-acre rail-served site has an adjoining 10-acre undeveloped tract. Total build-out capability is in the 600,000-sf range, according to Gibbons.
As reported by GlobeSt.com, the Victoria Classics affiliate bought the sprawling asset in late 2003 from the Electrolux Corp., and moved in during Q1 of 2004. The building had been used by Electrolux’s Frigidaire division, which had shut down operations in the summer of 2003 after more than 50 years at the site. Victoria Classics occupied about two-thirds of the building, leasing the remaining space to Kenco, a Chattanooga, TN-based third-party logistics provider.
The move-in by Victoria Classics consolidated four of its then-existing warehouse and distribution locations in Brooklyn, NY and Newark, Elizabeth and Woodbridge, NJ. The company sells imported home furnishings through such retail chains as JCPenney, Linen ’n Things, Bed Bath & Beyond, Burlington Coat Factory and Target.
The latest acquisition comes on the one-year anniversary of Seagis’ founding by former Keystone Realty Trust execs Charles C. Lee Jr. and John Begier. In its first year, the firm has picked up $215 million of industrial properties, amounting to 3.2 million sf. Virtually all of that activity involves logistically driven properties and has occurred in the New Jersey, New York and Miami markets.
posted by Jones Lang LaSalle NJ News Blog at 9:29 AM
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