Pennsylvania-based Seagis Property Group is expanding its industrial portfolio with the acquisition of another warehouse property, this time in Sunset Park.
The single-story warehouse located at 132 54th St. on the corner of 2nd Avenue is 35,500 square feet with an adjoining 10,000 square foot parking lot and was purchased vacant. The property sits on a parcel only about a mile away from Industry City.
"132 54th Street presented an opportunity to acquire a warehouse with compelling physical characteristics,” Seagis director Mac Lee, who is based out of their Brooklyn office, said.
He would not divulge the sales price.
With the e-commerce boom, a number of real estate bigwigs, including the Blackstone Group and Prologis, have entered the warehouse market as demand for such spaces has risen.
Seagis, based in the Philadelphia suburb of Conshohocken, PA, has been busy expanding its own industrial portfolio in New York over the last few years.
Last year, the firm acquired two warehouses—one in Brooklyn and the other in Queens—totaling 101,000 square feet. And in 2018, Seagis made a $16.8 million purchase acquiring a six-building portfolio of industrial property near John F. Kennedy airport.
With this acquisition, the firm’s portfolio in New York increases to 61 buildings totaling 1.2 million square feet.
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January 10, 2020 at 01:46AM
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Seagis Property Group expands industrial portfolio to Sunset Park - Crain's New York Business
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