Seagis Property Group LP has completed its multi-million-dollar renovation of 340 South Stiles Street in Linden, which includes upgrades to the building and grounds at the 504,000-square-foot industrial complex. The privately-held Philadelphia, PA based firm, which owns and operates over 10 million square feet of industrial buildings in logistically driven locations along the Eastern Seaboard, purchased the property in November 2016. Cushman & Wakefield orchestrated the sale and subsequent rapid lease-up of the port-market asset.
Chuck Fern, based in the commercial real estate services firm’s Iselin office, led the leasing effort with Jason Barton, Gary Casaletto, Tom Tucci and Stephen Shoemaker. “The new ownership has given 340 South Stiles Street a complete makeover and elevated it to a truly Class A facility,” said Fern. “With the shortage of attractive, large-block opportunities in the port region and Linden’s accessibility and low taxes, we saw strong interest from a cross section of commercial space-users.”
Fern and the Cushman & Wakefield team fully leased the facility’s available space prior to the completion of renovations. National Tree Company inked a deal for approximately 90,000 square feet; Arvi Trucking Inc. took approximately 35,000 square feet; and Cory Furniture signed for 137,000 square feet. South Kearny Associates committed to the remaining 227,000 square feet in December 2017.
Building improvements include a new roof, entrances, facades, windows, sprinkler systems and lighting, as well as the modernization of the facility’s loading docks. Offices were upgraded to suit a variety of business end uses, and Seagis repaved nearly 13 acres of parking and enhanced the landscaping throughout the site. The property is strategically located on Route 1/9, with ready access to Port Newark-Elizabeth, major regional transportation networks and the population centers of Northern New Jersey and Manhattan.
Charlie Lee, principal of Seagis Property Group LP, noted, “The completion of the detailed and thorough modernization of this Property was led by Seagis Senior Vice President Chris Williams, who oversaw every element of the detailed renovations. Chuck Fern of Cushman & Wakefield worked tirelessly from acquisition through 100 percent occupancy at delivery to make this project a success.”
Cushman & Wakefield’s industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2016 globally, this group completed more than 4,799 industrial lease and sale transactions, including Capital Markets transactions, totaling nearly 185.8 million square feet with an aggregate value in excess of $6.2 billion.