X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.