LINDEN, NJ—Seagis Property Group has acquired a 504,000 square foot industrial property at 340 Stiles Street in Linden, NJ from 500 West Edgar. Also known as the Cantor Distribution Plaza, 550 W. Edgar Road, the property sold for $42.75 million, or $85 per square foot, according to Real Capital Analytics, a proprietary research database firm.
Seagis will undertake a multi-million-dollar renovation at 340 Stiles Street, scheduled for completion in spring 2017. Planned improvements include roofing, new entrances, new building facades and windows, modernization of the building's 98 loading doors and five drive-in dock doors, as well as the installation of T5 lighting.
Seagis will regrade and pave nearly 13 acres of parking, creating abundant new trailer and automobile parking spaces, and upgrade the landscaping and fencing throughout the site. The property has CSX rail service, which can be reactivated for a specific user.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
