(To read more on the industrial market, click here.)

SOUTH BRUNSWICK, NJ-Seagis Property Group has acquired two parcels of land totaling approximately 24 acres within the New Jersey Turnpike Exit 8A industrial submarket. The firm plans to build nearly 327,000 sf of warehouse space on a speculative basis.

The identity of the sellers and the sale prices were not disclosed. "This transaction represents our third acquisition in New Jersey," says John Begier of Seagis. Begier, chief investment officer and executive vice president at Keystone Property Trust, and Keystone senior vice president Charles C. Lee Jr. co-founded Seagis as principals just under a year ago after Keystone and its assets were acquired by ProLogis in mid-2004.

The two new warehouse buildings will include a 225,220-sf facility at 11 Commerce Court here and a companion 101,331-sf building at the nearby Commerce Drive. The buildings, slated to be under construction by this coming summer, are designed to accommodate either single or multiple tenancies, according to Begier. "Once the sites are built out, it will increase our portfolio to approximately 850,000 sf in Central and Northern New Jersey." Seagis has also hired the team of Chuck Fern and Joel Lubin of Lee & Klatskin Associates of Teterboro and Edison to find tenants for the two new structures.

Seagis, meanwhile, was launched in early 2005 with the help of a $250-million equity investment from the Chicago-based Principal Enterprise Capital. Since then the firm has been actively buying up properties in New Jersey, Pennsylvania, the Baltimore-Washington corridor, and in South Florida.

The news of the spec space follows by a few days the start of site work for a 680,000-sf spec W/D facility on a 55-acre site in nearby Cranbury, also within the Exit 8A submarket. As reported by GlobeSt.com earlier this week, Rockefeller Group Development Corp. and IDI have started work on their five-years-in-the-making project on a parcel within the former Dwight & Church industrial campus.

Instant Insights /

Seagis Will Build 327,000-SF Industrial Complex on Spec

Related Stories

Recommended For You