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EAST RUTHERFORD, NJ-Seagis Property Group has acquired the 200,000-sf industrial building at 13 Manor Rd. here for just more than $12.8 million. That sale price factors out to about $64 per sf for the fully occupied building, which has Foamex LP as its sole tenant.

Foamex, a Pennsylvania-based manufacturer of foam products, “has a lease through the next several years,” says Seagis’ Dave Gibbons, who arranged the deal for his company. The tenant uses the site for warehousing and distribution, as well as some manufacturing and processing. The seller was not identified but, “is an out-of-state corporation on the West coast that’s not really in the real estate business,” Gibbons tells GlobeSt.com.

Situated on 13 acres in the Meadowlands, the masonry building features a clear ceiling height of 22 feet and active rail service, as well as proximity to Routes 3 and 17 and Exit 16W off the New Jersey Turnpike.

“It provides us with a large and very functional industrial property within a well-established park,” says Gibbons, whose company is based in West Conshohocken, PA. “This purchase is our third in the Meadowlands and eighth overall in New Jersey, where we now own about 1.75 million sf of existing buildings in addition to 225,000 sf we have under construction at Exit 8A of the Turnpike.”

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