Seagis Property Group Expands Portfolio with New Acquisition
Seagis Property Group recently made a significant move by acquiring a warehouse facility located at 18-81 Steinway Street. This newly added property, measuring 25,000 square feet, bolsters Seagis's growing presence in the New York City area. The building offers exceptional access to major transportation routes, creating a strategic advantage for logistics and distribution.
Location Advantages for Optimal Connectivity
The warehouse's prime location ensures easy connectivity to key routes such as the Grand Central Parkway and I-278. This proximity enables smooth transportation to crucial destinations including Manhattan and LaGuardia Airport, making it an ideal asset for distribution operations. The acquisition was finalized with the expertise of Brian Jaffe from Jaffe Realty, who represented Seagis in this transaction.
Enhancing the Functional Warehouse Portfolio
Brian Tozer, Vice President at Seagis, expressed excitement about this addition to their New York City Boroughs portfolio. He emphasized the alignment of this acquisition with their strategy of owning well-located and functional warehouses within targeted neighborhoods suited for service and distribution needs. With continued investment opportunities in the Boroughs, Seagis looks forward to expanding its footprint.
Warehouse Specifications and Future Plans
Built in 1987, this warehouse features impressive specifications, including a clear height of 22 feet and two tailgate dock doors accessible from a double-wide street. Jane Finkenstaedt, Director of Leasing, shared that they anticipate renovations will elevate this facility to one of the premier small building warehouses in the area.
Building a Stronger New York City Portfolio
This investment marks Seagis's second in the Astoria submarket, raising their total New York City portfolio to an impressive 1.3 million square feet across 62 properties. Their commitment to strengthening operations in this bustling metropolis reflects a proactive approach to capturing market opportunities.
About Seagis Property Group
Seagis Property Group is a privately-held real estate owner dedicated to the acquisition and development of industrial properties in prominent logistics hubs along the Eastern Seaboard. With a vast portfolio of 12 million square feet across 190 buildings, the company focuses on New Jersey, New York City, and South Florida. Founded in 2005 and headquartered in Conshohocken, Pennsylvania, Seagis is committed to growing its presence in core, value-add, and development real estate opportunities.
Frequently Asked Questions
What is the size of the newly acquired warehouse?
The newly acquired warehouse is 25,000 square feet.
Where is the warehouse located?
The warehouse is located at 18-81 Steinway Street.
Who represented Seagis in this transaction?
Brian Jaffe from Jaffe Realty represented Seagis in the acquisition.
How does this acquisition fit into Seagis's strategy?
This acquisition aligns with Seagis's strategy to own functional warehouses in targeted neighborhoods for service and distribution.
What other markets does Seagis operate in?
Seagis operates primarily in New Jersey, New York City, and South Florida, focusing on industrial properties.
