Seagis Property Group Acquires 15,000-Square-Foot Brooklyn Warehouse; Kaplon-Belo Real Estate LLC to Lead Leasing

Seagis Property Group has acquired 236 39th Street, a 15,000-square-foot warehouse in the Sunset Park neighborhood of Brooklyn, New York, the company announced July 27. The 1998-built building, which features 30-foot clear heights and direct visibility from the Gowanus Expressway (I-278), was purchased vacant. Kaplon-Belo Real Estate LLC, which facilitated the sale, has been engaged to lead leasing efforts.

Property Details and Location

The single-story warehouse at 236 39th Street sits within one of New York City's most active remaining industrial corridors. The building's position along the Gowanus Expressway provides direct highway access and offers tenants a roughly 15-minute connection to Manhattan. The property is also located steps from Industry City, the mixed-use industrial and creative campus that has reshaped the Sunset Park waterfront into a hub for food, media, and urban manufacturing tenants.

The building's 30-foot clear height and 1998 vintage distinguish it from much of the surrounding industrial stock, which tends toward lower ceiling heights and older loading configurations. Seagis acquired the asset vacant and has already commenced leasing.

"This is a highly unique warehouse with its combination of quality, functionality, and location proximate to the highway and steps away from Industry City. We're excited to add such a desirable building to our portfolio," said Brian Tozer of Seagis.

Kaplon-Belo Real Estate LLC Tapped for Leasing

Matthew Kaplon of Kaplon-Belo Real Estate LLC represented the transaction on the investment sales side and will serve as the listing agent for the lease-up. The sale price was not disclosed.

"We're ready to introduce this 1998-built, 30' clear warehouse to the market for lease. With its excellent functionality, highway visibility, and quick access to Industry City's amenities we expect the property to appeal to a variety of business uses," said Jane Finkenstaedt of Seagis.

Seagis's Expanding Industrial Platform

The Brooklyn acquisition extends Seagis Property Group's industrial portfolio, which has been growing across high-barrier coastal markets. The firm's existing holdings include warehouse facilities in New Jersey submarkets such as Carlstadt, Lyndhurst, Carteret, and North Brunswick, as well as industrial assets in Florida's Doral and Medley submarkets. A six-property industrial portfolio totaling 1.22 million square feet in New Jersey and Florida recently carried 96% occupancy, with JLL Capital Markets arranging $176 million in permanent financing for that portfolio — an eight-year, fixed-rate loan from Nationwide.

The Sunset Park purchase follows a pattern Seagis has applied elsewhere: acquiring vacant or underperforming industrial assets in supply-constrained markets and repositioning them through lease-up. At 340 S. Stiles Street in New Jersey, Seagis purchased a 504,000-square-foot industrial complex, executed a comprehensive renovation, and brought the property to 100% occupancy.

Market Context: Urban Infill Industrial Demand

Brooklyn's industrial inventory is aging, and modern warehouses with functional specifications — such as high clear heights, dock-high loading, and updated life-safety systems — remain scarce in the borough. Sunset Park's proximity to port facilities, Manhattan, and Downtown Brooklyn has sustained demand from last-mile logistics operators, food and beverage distributors, and light industrial users.

Broader commercial real estate conditions present a mixed backdrop. Moody's has forecast that overall U.S. commercial property vacancy rates could peak at approximately 24% in 2026, driven largely by structural weakness in the office sector, with rising vacancies expected to cut commercial property values by as much as $250 billion by 2026. Industrial assets in dense urban markets have largely bucked that trend, supported by e-commerce fulfillment requirements, near-shoring activity, and limited new supply in infill locations.

Seagis's acquisition of 236 39th Street — a vacant but functionally modern building in a land-constrained submarket — reflects the continued appetite among institutional industrial investors for well-located assets they can stabilize through leasing at current market rents.

Sources

Seagis Property Group – Official Announcement