Seagis Takes JFK Portfolio for $58M

JAMAICA, NY-Seagis Property Group has acquired a 500,000-sf portfolio here adjacent to JFK International Airport for $58 million. The properties include 26 industrial buildings, adjoining land parcels and one office building located in Springfield Gardens. The seller was a consortium of private investors.

"The acquisition of this portfolio in the New York Metro market complements our strategy of acquiring industrial facilities in supply constrained markets serving major transportation/population centers," says John Begier, Seagis principal. The buildings are approximately 90% leased to more than 100 tenants. Most are involved in the air freight and customs brokerage industry.

Seagis has made a number of other transportation-related acquisitions. Seagis paid $13 million for a 171,000-sf building in Beacon Industrial Park, which is located less than a mile from Miami International Airport. In the same Airport West market, the company owns the 57,000-sf industrial building at 3100 NW 74th Ave. In its first acquisition, the firm bought a 175,000-sf distribution facility at 3000 NW 125th St.--near the Miami Airport and the Port of Miami--for $8.1 million. The firm also owns the 163,000-sf industrial building at 200 Hollister Rd in Teterboro, NJ, near the Teterboro Airport.

Earlier this year, the firm acquired two parcels 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.

Formed a year ago, Seagis is comprised of former executives of Keystone Property Trust, which was acquired ProLogis in 2004 for $1.7 billion. The West Conshohocken, PA-headquartered firm was started with a $250-million equity investment from Principal Enterprise Capital. The firm focuses on industrial properties along the Eastern seaboard.