As part of an ongoing effort to grow its footprint, Seagis Property Group LP (“Seagis”), one of the East Coast’s most active industrial real estate owners and investors, has completed more than $238 million in acquisitions over the past 12 months.
The company acquired 17 industrial buildings totaling approximately 760,000 square feet of space and 23 acres of developable land in 20 separate transactions. The assets are located in Seagis’ targeted, logistically driven markets, which include New Jersey, New York City, and Miami/Ft. Lauderdale.
“Last year marked one of our biggest years on record,” said Erin Plourde, Senior Vice President of Investments, Seagis. “We deployed close to a quarter billion dollars as part of our growth strategy to strengthen our market leading position as one of the East Coast’s major logistics real estate platforms. We look forward to continuing to grow our portfolio through both property acquisitions and new development opportunities in order to meet continued demand for high-quality, well located industrial space.”
Two of the company’s most notable transactions exemplify Seagis’ focus on developing a premier Class-A portfolio along the Eastern Seaboard.
Seagis closed on a prime, 10-acre redevelopment site, at 2013 McCarter Highway, located near Port Newark in Newark, New Jersey. Strategically located within the highly sought-after Port submarket, Seagis is planning to redevelop the former Schiffenhaus Packaging Corporation’s corrugated box plant into a 178,200-square-foot, state-of-the-art warehouse. Seagis plans to break ground in the second quarter of this year and will complete the facility in early 2023. It will feature 40’ clear height, 39 dock doors, 135 car parking spaces and 56 trailer parking spaces. Tenants will benefit from the property’s prime location nearby a major population center boasting 9 million residents within 15 miles and 58 million consumers within a five-hour drive, as well as the property’s unparalleled access to Port Newark and Newark Liberty International Airport.
In a separate transaction, closed just before the new year, Seagis acquired another prime 10-acre redevelopment site, at 1700 Eller Drive (pictured above), located adjacent to Fort Lauderdale’s Port Everglades—one of Florida’s busiest seaports. This acquisition marks Seagis’ first development project in South Florida and increases the company’s regional foothold to 111 buildings, totaling 6 million square feet of investment-grade industrial space.
Seagis plans to redevelop the former Alamo Rent a Car building into a 200,000-square-foot warehouse in the second quarter of this year and will complete the facility in the second quarter of 2023. It will feature 36’ clear height, 32 dock-high doors, 172 parking spaces and 45 trailer parking spaces, as well as unparalleled access to Port Everglades and the Fort Lauderdale/Hollywood International Airport.
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