TETERBORO, NJ-Seagis Property Group has acquired the 163,000-sf industrial building at 200 Hollister Rd. here for $10.9 million. The sale price factors out to about $67 per sf. The seller was a partnership of local investors.

The building, situated on a 10-acre site, is fully leased by Smurfit Stone Enterprises Inc., a division of Smurfit-Stone Container Corp. The masonry and brick building has an average clear ceiling height of 20 ft, 11-tailgate dock doors, rail service and parking for 80 trailers.

"This property represents our first acquisition in the Meadowlands, a submarket that we believe has some of the strongest supply/demand fundamentals in the country," says Seagis principal John Begier. Begier and fellow former Keystone Property Trust exec Charlie Lee co-founded Seagis just this past March.

"We were drawn to the building because of its strategic location and the unusually large lot size and trailer parking capacity, a rare commodity in the land-constrained North Jersey marketplace," Begier says. Seagis' focus is industrial buildings in logistically driven locations on the East Coast. The company is capitalized through equity from its principals and with an equity investment of $250 million from Principal Enterprise Capital, an entity-level investment platform of Principal Global Investors.

The firm also made an acquisition in Pennsylvania. For additional information, click here.