By Joshua Burd
Seagis Property Group has acquired a nearly 20,000-square-foot warehouse in Carlstadt, marking its 14th investment in the Meadowlands and another addition to its fast-growing portfolio.
The firm, which has a regional office in nearby East Rutherford, said the property at 333 Veterans Blvd. has 16-foot clear ceiling heights and sits on roughly an acre in the Gotham Industrial Park, providing it with easy access to the New Jersey Turnpike and other destinations. It now plans to upgrade the vacant 19,974-square-foot facility and market it for lease.
Tom Nuara, a principal with Resource Realty, represented Seagis and the seller, a private owner, in the transaction. Terms were not disclosed.
“We are pleased to add another well-located northern New Jersey building to our growing Meadowlands portfolio,” said Tyler Baker, a vice president with Seagis and member of its New Jersey team. “This property works well within the local market, offering tenants a standalone 20,000-square-foot building with three loading docks and under 10 percent office.
“Immediately upon closing, we plan to invest a significant amount of capital to bring the building to today’s market standards and align with our existing portfolio. This opportunity perfectly aligns with our investment strategy, to secure well-located, functional warehouses in strong infill locations. We will continue to seek out investment opportunities to increase our portfolio concentration in this submarket.”
Based in Conshohocken, Pennsylvania, Seagis now has more than 1.36 million square feet within the Meadowlands and more than 5.7 million square feet overall in New Jersey across 40 logistics properties.
