Jones Lang LaSalle
51,000-SF Industrial Site Sells for $5M
By Eric Peterson
SOUTH HACKENSACK, NJ-Seagis Property Group has picked up yet another industrial property in a buying spree that has seen it snap up more than $215 million of assets on the East Coast in just over a year. The latest buy is relatively small, but it's a Meadowlands market acquisition and the per-sf rate was very healthy for an industrial property.
Seagis is paying $4.9 million for the 51,000-sf building at 100 Wesley St. here, a price tag that factors out to $96 per sf. The seller was identified by Seagis only as "a consortium of private investors." Built in 1982, the building is currently fully leased to delivery service DHL.
"This building is located directly off I-80," says Dave Gibbons, senior vice president of the West Conshohocken, PA-based Seagis. "It's suited for the Meadowlands user that requires immediate access to the area's transportation network."
Seagis' latest acquisition comes just two months after the company picked up a 955,000-sf industrial building in Edison, NJ, paying $61.5 million for the asset. Seagis bought the building and leased it back to Victoria Classics, the New York City-based home furnishings company. That acquisition came on the one-year anniversary of Seagis' founding by former Keystone Realty Trust execs Charles C. Lee Jr. and John Begier.
And earlier in the year, Seagis bought two parcels of land totaling 24 acres at New Jersey Turnpike Exit 8A with plans to build almost 327,000 sf of W/D space on spec. That transaction followed closely on the heels of the company's acquisition of 350,000 sf of industrial space on more than 30 acres adjacent to the Technology Centre of New Jersey in North Brunswick, a deal worth $7.8 million.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
51,000-SF Industrial Site Sells for $5M
By Eric Peterson
SOUTH HACKENSACK, NJ-Seagis Property Group has picked up yet another industrial property in a buying spree that has seen it snap up more than $215 million of assets on the East Coast in just over a year. The latest buy is relatively small, but it's a Meadowlands market acquisition and the per-sf rate was very healthy for an industrial property.
Seagis is paying $4.9 million for the 51,000-sf building at 100 Wesley St. here, a price tag that factors out to $96 per sf. The seller was identified by Seagis only as "a consortium of private investors." Built in 1982, the building is currently fully leased to delivery service DHL.
"This building is located directly off I-80," says Dave Gibbons, senior vice president of the West Conshohocken, PA-based Seagis. "It's suited for the Meadowlands user that requires immediate access to the area's transportation network."
Seagis' latest acquisition comes just two months after the company picked up a 955,000-sf industrial building in Edison, NJ, paying $61.5 million for the asset. Seagis bought the building and leased it back to Victoria Classics, the New York City-based home furnishings company. That acquisition came on the one-year anniversary of Seagis' founding by former Keystone Realty Trust execs Charles C. Lee Jr. and John Begier.
And earlier in the year, Seagis bought two parcels of land totaling 24 acres at New Jersey Turnpike Exit 8A with plans to build almost 327,000 sf of W/D space on spec. That transaction followed closely on the heels of the company's acquisition of 350,000 sf of industrial space on more than 30 acres adjacent to the Technology Centre of New Jersey in North Brunswick, a deal worth $7.8 million.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 12:04 PM
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