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Seagis Property Group buys logistics firm’s Doral facility for $19M
Buyer also purchased southeast Broward, Medley warehouses this year
Seagis Property Group bought a logistics company’s Doral facility for $19.4 million.
AmCar Lamprecht sold the property at 10100 Northwest 25th Street, two years after it purchased it for $14 million, records show.
The two-story, 105,984-square-foot facility was constructed in 1974 on 5 acres, property records show. Seagis also owns the much bigger, next-door industrial facility at 10000 Northwest 25th Street. That building totals 336,261 square feet. It was constructed in 1997 on 17.3 acres.
AmCar offers air and ocean services to Central and Latin America and also is a major freight forwarder to the islands of Aruba, Bonaire and Curacao, according to its website. Led locally by Ricardo Valdes, it was formed from the 2016 merger of two logistics companies, AmCar Freight and American Lamprecht Transport. It also has offices in Los Angeles, Chicago, Houston and Lawrence, New York.
Valdes did not immediately return a request for comment on whether AmCar will move to another South Florida location or continue to lease the facility.
Seagis, based in Conshohocken, Pennsylvania, invests and owns logistics real estate, mainly in South Florida, New Jersey, Pennsylvania and the outer boroughs of New York City, according to its website. Its portfolio spans more than 12 million square feet and 200 buildings with over 750 tenants. Bradlee Lord is director at the South Florida office.
Seagis has been in expansion mode in the region this year, with its latest acquisition marking at least its third purchase.
In May, Seagis bought a Medley warehouse with cold storage space for $7.9 million.
It also bought a warehouse at the Port 95 industrial park in Dania Beach in June for $24.6 million, marking the largest industrial sale in the second quarter in Broward County, according to an Avison Young report.
Seagis’ focus on South Florida industrial real estate is yet another nod to the market’s health, as it is likely the only asset class to thrive during the coronavirus pandemic.
In Miami-Dade County, second quarter industrial leasing represented more than half of the total in 2020, according to Avison Young’s report. County base rents have increased 9.5 percent since the onset of the pandemic.
In another industrial deal this month, HighBrook Investors picked up three warehouses in northwest Miami-Dade for $33 million.