Seagis Property Group pays $8M for Medley industrial building with cold storage

Buyer also owns warehouse across the street

The warehouse property in Medley (Google Maps)
The warehouse property in Medley (Google Maps)

Seagis Property Group bought a Medley warehouse with cold storage space for $7.9 million.

The Conshohocken, Pennsylvania-based logistic real estate investor bought the vacant building at 12800 Northwest 113th Court from Land Quest Enterprises, according to the brokers for the deal.

Jose Sasson and Roberto Susi of Axiom Capital Advisors represented Seagis in the off-market purchase.

Naples-based Port Hope Pass bought the 22,000-square-foot facility in 2005 for $2.9 million and transferred it to Land Quest Enterprises the following year, records show. Miami-Dade County-based Land Quest is led by Nora and Nelson Cruz.

The building was built in 2000 on 3.9 acres, according to records.

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Seagis is marketing the warehouse for lease, Susi said. About half of the space is cold storage.

Seagis, whose South Florida director is Bradlee Lord, also owns the 77,198-square-foot warehouse across the street at 11305 Northwest 128th Street. It bought that property in 2012 for $5 million, according to a deed.

The recent purchase expands Seagis’ South Florida portfolio to 5.3 million square feet in 100 buildings, according to a news release. That’s part of its larger holdings that span 11.7 million square feet in New York City, New Jersey and South Florida.

Some of its other Miami-Dade assets include the Airport International Center at 5501-5595 Northwest 72nd Avenue, which Seagis bought for $23.5 million in 2017.

The recent purchase is another nod to the health of the county’s industrial market, which was the only asset class to prosper during the pandemic, in large part because consumers turned to online shopping. E-commerce tenants leased 2 million square feet of space in Miami-Dade last year, the largest amount ever leased by e-commerce in a single year in the county, according to JLL.

In another recent Medley deal, affiliates of Midtown Capital Partners paid $7.5 million for a warehouse at 9315 Northwest 112 Avenue in Flagler Station Industrial Park.