Seagis purchased the property from P&V Warehouse Distribution, a New-Jersey-based trucking company. Steve Bussel, President of Bussel Realty Corp, represented both Seagis and the seller in the sale transaction and will be handling the marketing efforts to lease the vacancy.
“This value-add opportunity perfectly aligns with our investment strategy to secure well-located, functional warehouses and to upgrade them to today’s market standards,” said Tyler Baker, Vice President of Seagis, based out of the company’s New Jersey office. “Located, minutes from Exit 10 off the NJ Turnpike, along the I-287 corridor, and 30 minutes from Port Newark, this property is highly accessible and boasts a major local labor pool. There is also ample on-site trailer parking, an amenity that remains in high demand across industrial properties.”
Brian Tozer, Vice President of Seagis, added, “Upon completion of our multimillion-dollar investment, this property will be a top choice for industrial users.”
The frontload, 158,641-square-foot building features a 21’ clear ceiling height, 20 tailgate doors, 2 street- level, drive-in doors, parking for 25 trailers, plus ample car parking. Strategically located in the Exit 10 submarket, the property offers easy access to Turnpike Exits 10 and 11, Routes 1, 9, 27, 287, 440, the Garden State Parkway and Port Newark.
This acquisition expands Seagis’ New Jersey regional foothold to 34 logistics properties, totaling more than 5.4 million square feet of investment-grade industrial space.