Seagis Buys 51,000-SF Building

TETERBORO, NJ-Seagis Property Group has acquired 500 Industrial Ave., a 51,000-sf industrial building here. The sale price of $4.3 million factors out to just less than $85 per sf for the Meadowlands submarket property.

The building, which has 25-foot clear heights and 8,500 sf of finished office space, is located on more than three acres adjacent to the general aviation Teterboro Airport. Formerly occupied by a division of Sun Chemical Co., the building was acquired vacant and will be offered for lease to third parties, according to Seagis' Charles Lee Jr.

The acquisition was one of two deals done in the last week of 2006 by the West Conshohocken, PA-based Seagis. The other was a lease signing at the company's Seagis Corporate Center at Route 1 in North Brunswick. In that case, Home Delivery.Com Inc., a Connecticut-based package delivery company, signed on for a total of 68,000 sf.

Home Delivery.Com was represented by Eric Ladden, a principal of Cornerstone Real Estate Group of Parsippany. Seagis was represented by Jason Goldman, Frank Caccavo and Andrew Siemsen of the Iselin office of Cushman & Wakefield of NJ, who have the exclusive for the property. Terms were not released.

Seagis Corporate Center is the 350,000-sf former Permacel Inc. facility at 621 Route 1 that Seagis, as reported by GlobeSt.com, acquired in late 2005 for $7.8 million, or about $22 per sf. Located on more than 30 acres adjacent to the Technology Centre of New Jersey, the building was subsequently repositioned for multi-tenant occupancy.

The Home Delivery.Com signing is the second major tenant pulled in to fill the vacant complex. As reported here, specialty building products maker Parksite Inc. signed up for 112,000 sf in early 2006, and the latest deal brings Seagis Corporate Center past the 50% occupancy mark. Currently, 170,000 sf of multi-use space remains available for lease.