Seagis Property Group just added another industrial park to its portfolio. The company paid $23.5 million for the Airport International Center in Miami, property records show.
The 207,000-square-foot, two-building industrial complex at 5501-5595 Northwest 72nd Avenue traded for about $114 per square foot.
An entity of Dallas, Texas-based Lincoln Property Co. sold the building. Records show Lincoln Property Co. bought the property in 2006 for $14.4 million. CBRE’s Christian Lee, Chris Riley and José Lobón represented the seller.
The warehouse sits on nearly 10 acres and was built in 1994, records show. It’s 95 percent leased, according to a CBRE press release. Features include small-bay warehouse spaces of about 4,050 square feet with docks and ramps, according to LoopNet.
Conshohocken, Pennsylvania-based Seagis Property Group also owns the Doral Logistics Center, which it fully leased, last month. The acquisition of Airport International Center adds to its 4.8 million-square-foot portfolio in South Florida, according to the press release.
The Airport International Center is located in the Miami Airport submarket – a hot spot for industrial developers. More than 10 million square feet of industrial space is under construction in Florida, with about 2.4 million square feet being delivered Miami Dade, according to a recent Cushman & Wakefield industrial report.