Industrial property

Seagis acquires the industrial property of Metuchen for $24 million

The addition of 60 Leonard St. in Metuchen to Seagis Property Group’s portfolio brings the number of its logistics sites in New Jersey to 34. – SEAGIS PROPERTY GROUP

Seagis Real Estate Group further expands its footprint in the Garden State with the addition of an almost 160,000 square foot industrial property located in Middlesex County in the Junction 10 submarket.

The Conshohocken, Pa.-based company announced June 28 that it had acquired the 6.92-acre property at 60 Leonard St. in Metuchen for $24 million from trucking firm P&V Warehouse Distribution.

According to Vice President Tyler Baker, who is based in Seagis’ Lyndhurst office, “The value-added opportunity aligns perfectly with our investment strategy to secure well-located, functional warehouses and upgrade them to industry standards. market today”.

And Seagis said it did indeed intend to begin an immediate multi-million dollar renovation at 60 Leonard St. Following this, Seagis Vice President Brian Tozer predicted the property would become a “first choice for industrial users”.

The front-loading building features 21-foot unobstructed ceiling heights, 20 tailgate doors, two street-level access doors, and parking for 25 trailers in addition to car spaces.

“Located minutes from exit 10 of the NJ Turnpike, along the I-287 corridor and 30 minutes from Port Newark, this property is highly accessible and has a strong local labor pool,” said Baker said in a statement. “There is also ample trailer parking on site, an amenity that remains in high demand at industrial properties.”

Bussel Realty Corp. President Steve Bussel represented both buyer and seller in the transactions and, Seagis said, will handle the marketing to lease the property.

The purchase of Metuchen brings the number of Seagis logistics properties in New Jersey to 34, totaling more than 5.4 million square feet of investment-grade industrial space, according to the company.