340 Stiles St. in Linden — Courtesy: Cushman & Wakefield
By Joshua Burd
Seagis Property Group has acquired a 504,000-square-foot industrial building in Linden and has embarked on a multimillion-dollar renovation at the property, Cushman & Wakefield announced.
The real estate services firm announced that it had brokered the sale of 340 Stiles St., representing seller 500 West Edgar LLC in the year-end transaction. Chuck Fern, who is based in C&W’s Iselin office, handled the assignment and also procured Seagis as the buyer.
Seagis subsequently appointed Fern’s team as leasing agent for the port-market property, which sits along Route 1 &9.
Terms were not disclosed.
The company’s recently launched renovation is scheduled for completion in spring 2017, according to a C&W news release. Planned improvements include roofing, new entrances, new building facades and windows and modernization of the building’s 98 loading doors and five drive-in dock doors, along with new lighting.
The news release also said Seagis will regrade and pave nearly 13 acres of parking, creating new trailer and automobile parking spaces, and upgrade the landscaping and fencing throughout the site. The property has CSX rail service that can be reactivated for a specific user.
“At completion, 340 Stiles Street will be elevated to a truly Class A facility,” Fern said in a prepared statement. “Given the property’s outstanding location, we anticipate strong interest and a fast lease-up by users seeking quality accommodations close to Port Newark-Elizabeth and major regional thoroughfares.”
The property is just a 10-minute ride from Port Newark-Elizabeth and the Goethals Bridge
The property is divisible to 30,000 square feet, but can also be made available in its entirety for a customer, the news release said. Fern is handling the leasing agency with Cushman & Wakefield’s Jason Barton and Gary Casaletto
“Linden is a fantastic location — its accessibility and low taxes have always made it desirable for industrial space users,” Fern said. “The market is also extremely low on supply, which positions this property as one of the region’s most attractive large-block opportunities.”