60 Leonard St. in Metuchen — Courtesy: Seagis Property Group LP
By Joshua Burd
Seagis Property Group LP has acquired a nearly 160,000-square-foot industrial building in Metuchen, with plans to upgrade the property with a multimillion-dollar investment.
Located at 60 Leonard St., the firm’s newly added facility sits on 6.92 acres and is minutes from Interstate 287, the New Jersey Turnpike and other major highways. The Conshohocken, Pennsylvania-based owner and investor purchased the property from P&V Warehouse Distribution for $24 million, in a deal arranged by Bussel Realty Corp.
“This value-add opportunity perfectly aligns with our investment strategy to secure well-located, functional warehouses and to upgrade them to today’s market standards,” said Tyler Baker, a vice president based in Seagis’ New Jersey office, noting that 60 Leonard is 30 minutes from Port Newark and benefits from a vast local labor pool. “There is also ample on-site trailer parking, an amenity that remains in high demand across industrial properties.”
BRC President Steve Bussel represented both parties in the sale and will market the 158,641-square-foot property to prospective tenants. The team noted that the building has a 21-foot clear ceiling height and 20 tailgate doors, along with two street-level, drive-in doors and parking for 25 trailers, plus ample car parking.
“Upon completion of our multimillion-dollar investment, this property will be a top choice for industrial users,” said Brian Tozer, also a vice president with Seagis.
This firm now has 34 properties in New Jersey totaling more than 5.4 million square feet.