Seagis expands in northern New Jersey

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Seagis Property Group today announced it has acquired a 955,000-square-foot industrial building at 2170 Lincoln Highway in Edison, N.J. The value of the transaction was $61.5 million. The sellers are an affiliate of the major tenant who has leased back the majority of the building on a long-term basis. The property is a rail-served warehouse facility that includes 10 acres of adjoining land for future development. The acquisition of this property comes on the one-year anniversary of West Conshohocken, Pa.-based Seagis' formation in March 2005. The company has acquired $215 million of industrial properties in its first year, which includes approximately 3.2 million square feet of existing buildings. Nearly all of the investment activity took place in Miami, New Jersey, and the New York metro markets. ...