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By Joshua Burd
Seagis Property Group has acquired a nearly 97,000-square-foot industrial building in Woodbridge as part of a sale-leaseback announced this week.
The firm said the property, at 130 Essex Ave. East, is two miles from Exit 12 of the New Jersey Turnpike and 10 miles from Port Newark-Elizabeth. It purchased the 96,500-square-foot building from an undisclosed company that will remain in place on a short-term basis after closing.
Terms were not disclosed, although CoStar reported that the asset traded for $24 million.
“We are excited to add this high-quality building with a great parking setup, an amenity that remains in high demand from industrial users in northern New Jersey,” said Tyler Baker, a Seagis vice president based in the firm’s East Rutherford office. “This opportunity perfectly aligns with our investment strategy to secure well-located, functional warehouses in strong in-fill locations and upgrade them to today’s market standards.”
Located in the township’s Avenel section, 130 Essex Ave. East has 23-foot clear ceiling heights and sits on 6.5 acres, providing significant outside storage and parking capability, according to a news release. The acquisition marks the Conshohocken, Pennsylvania-based company’s 16th investment in and around New Jersey’s port district, where its portfolio now totals 2.5 million square feet, and expands its overall portfolio in the state to nearly 6 million square feet across 38 logistics properties.
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