Seagis Real Estate Group Tuesday announced the closure of a 6.92-acre industrial real estate property in Metuchen for $24 million, from P&V Warehouse Distribution, a New Jersey-based trucking company.
Steve Bussel, President of Bussel real estate companyrepresented both Seagis and the vendor in the sale transaction and will handle marketing efforts to lease the vacancy.
“This value-added opportunity aligns perfectly with our investment strategy to secure well-located, functional warehouses and upgrade them to today’s market standards,” said Tyler Baker, vice president of Seagis.
Located in the highly sought-after Exit 10 Submarket at 60 Leonard Street, the 158,641 square foot front-loading building features 21 feet of clear ceiling height, 20 tailgate doors, two floor-level doors, street, parking for 25 trailers, plus ample parking. The property offers easy access to New Jersey Turnpike Exits 10 and 11, Routes 1, 9, 27 and 440, Interstate 287, Garden State Parkway and Port Newark.
Seagis plans to immediately upgrade the property with a multi-million dollar investment.
“Located minutes from Exit 10 of the New Jersey Turnpike along the I-287 corridor and 30 minutes from Port Newark, this property is highly accessible and has a large labor pool. There is also ample trailer parking on site, an amenity that remains in high demand at industrial properties,” Baker added.
This acquisition expands Seagis’ regional presence in New Jersey to 34 logistics properties, totaling more than 5.4 million square feet of investment-grade industrial space.