1 Graphic Place in Moonachie — Courtesy: Seagis Property Group LP
By Joshua Burd
Seagis Property Group LP has acquired two vacant industrial buildings in Moonachie, adding more than 19,000 square feet to its portfolio in the Meadowlands submarket.
The firm said it’s now planning to upgrade both properties, located at 1 and 11 Graphic Place, and market them for lease after the purchase from the ownership of Corporate Jet Support, the former occupant. Located about a mile south of Route 46, the standalone buildings span 9,660 and 9,636 square feet, respectively.
Newmark Managing Director Chris Koeck represented both Seagis and the seller in the transaction. Terms were not disclosed.
“This value-add opportunity located just outside of New York City perfectly aligns with our investment strategy to secure well-located, functional warehouses in a strong in-fill locations” said Tyler Baker, a vice president with Seagis, who is based in the firm’s New Jersey office. “We are pleased to add to our growing Meadowlands portfolio with two, functional standalone buildings. We believe, upon our improvements that the buildings will be well positioned for one or two users who are servicing the local area or greater New York City population.”
Headquartered in Conshohocken, Pennsylvania, Seagis has made 12 acquisitions in the Meadowlands submarket, where its portfolio now totals more than 1.7 million square feet, according to a news release Monday. Its regional foothold in New Jersey now comprises 7 million square feet across 150 logistics properties.
