Seagis Secures $81M Refi for New Jersey Warehouse
JLL Capital Markets arranged a loan for the fully leased property.
Seagis Property Group has refinanced a newly completed 224,900-square-foot Class A warehouse at 100 Frontage Road in Newark, N.J., with an $81 million, five-year, interest-only loan from a life insurance company.
The build-to-suit distribution center is entirely leased to United Airlines and located just outside Newark Liberty International Airport. Completed in June 2023, the warehouse has 40-foot clear heights, 41 dock-high doors, 130 car parking spaces and 38 trailer parking spaces on 12.23 acres. The site is at the confluence of Interstate 78, U.S. Route 9 and Exit 14 of the New Jersey Turnpike, near key port facilities and the airport.
The loan was arranged for the borrower by a JLL Capital Markets Debt Advisory team led by Senior Managing Directors Jim Cadranell and Gregory Nalbandian and Vice President Michael Lachs. The same team, joined by Associate Jimmy Calvo, represented Seagis in January when the firm refinanced a 13-property industrial portfolio totaling more than 1.1 million square feet in Northern New Jersey, New York City and South Florida with a $122 million loan. The properties were in New York City’s outer boroughs as well as the Meadowlands submarket in New Jersey, Central New Jersey and the Miami and Broward County markets in South Florida.
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Based in Conshohocken, Pa., Seagis is a privately held real estate company that develops, owns and operates industrial properties in global logistics hubs along the East Coast. The portfolio spans more than 13 million square feet and includes 215 buildings.
Also in Newark, last week Seagis announced a newly constructed, 178,200-square-foot Class A warehouse and distribution facility at 2013 McCarter Highway was fully leased to two tenants. Completed late last year, the property has 40-foor clear ceiling heights with 56 trailer parking spaces. It is located along a six-lane highway that connects the Meadowlands to downtown Newark and is close to Exit 15W on the turnpike. Tenants for the warehouse, which is located 9 miles from Port Newark-Elizabeth and 11 miles from Manhattan via the Lincoln Tunnel, were not disclosed.
More Seagis deals
In November, Seagis expanded its holdings in the Meadowlands submarket with the purchase of a vacant 30,058-square-foot warehouse at 25 Amor Ave. in Carlstadt, N.J., from a private owner. The price was not disclosed. The building has 16-foot clear heights and is situated on about 1.5 acres in the Gotham Industrial Park.
In one of the largest real estate transactions in Florida last year, Seagis sold a 25-building, 1.4 million-square-foot industrial portfolio located across the Miami and Broward counties in South Florida to Longpoint Partners in December for approximately $260 million. It was the largest industrial deal and second-largest commercial real estate transaction in the state in 2023.
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