Seagis Property Group is further expanding its footprint in the Garden State with the addition of a nearly 160,000-square-foot industrial property located in Middlesex County in the Exit 10 submarket.
The Conshohocken, Pa.-based firm announced June 28 it acquired the 6.92-acre property located at 60 Leonard St. in Metuchen for $24 million from trucking company P&V Warehouse Distribution.
According to Vice President Tyler Baker, who is based in Seagis’ Lyndhurst office, the “value-add opportunity perfect aligns with our investment strategy to secure well-located, functional warehouses and to upgrade them to today’s market standards.”
And Seagis said it does indeed have plans to begin an immediate, multimillion dollar renovation at 60 Leonard St. Following that, Seagis Vice President Brian Tozer predicted that the property would become a “top choice for industrial users.”
The frontload building includes 21-foot clear ceiling heights, 20 tailgate doors, two street-level drive-in doors, and parking for 25 trailers in addition to dedicated spots for cars.
“Located, minutes from Exit 10 off the N.J. Turnpike, along the I-287 corridor, and 30 minutes from Port Newark, this property is highly accessible and boasts a major local labor pool,” Baker said in a statement. “There is also ample on-site trailer parking, an amenity that remains in high demand across industrial properties.”
Bussel Realty Corp. President Steve Bussel represented both the buyer and the seller in the transaction and, Seagis said, will handle marketing to lease the property. According to a July 13 announcement about the transaction from BRC, 63,238 square feet of space is currently available for lease.
The Metuchen purchase brings the number of Seagis’ New Jersey logistics properties to 34, adding up to more than 5.4 million square feet of investment-grade industrial space, according to the company.
Editor’s note: This story was updated at 9:42 a.m. EDT on July 14, 2022, to include the number of square feet available for lease at 60 Leonard St.