Seagis Property Group paid $16 million for a warehouse development site next to its Transal Park facility in Doral, marking the company’s ongoing bet on South Florida industrial real estate.
The Conshohocken, Pennsylvania-based company plans to build a 117,790-square-foot building on 5.8 acres at the northeast corner of Northwest 27th Street and 84th Avenue, according to a Seagis news release. The property will have 32-foot clear ceiling heights, 30 dock doors and an Early Suppression Fast Response sprinkler system
Seller Overcom Trade is a Doral-based provider of logistics, import and export services, and distribution, according to its website.
Jose Juncadella and Sebastian Juncadella of Fairchild Partners represented Seagis in the deal, and Steve DiGiacomo of the DiGiacomo Group represented Overcom Trade.
The site is immediately west of Seagis’ 113,000-square-foot, fully leased Transal Park industrial building at 8305 Northwest 27th Street, according to the release. Seagis bought that facility, built in 1996, for $8.8 million in 2010, property records show.
Construction on the new building is expected to start this year, the release states. Foundry Commercial will manage the development.
Seagis’ South Florida portfolio now spans 113 properties and more than 6 million square feet, according to the release.
The deal comes on the heels of Seagis paying $13.3 million for a newly built Miramar warehouse and distribution facility.
In December, the company picked up two Doral properties for $28.6 million.
In a statement, Seagis Vice President Bradlee Lord cited demand for “modern, high-quality warehouse and distribution space” as a driving force for its most recent development site purchase.
The South Florida industrial market is prospering amid high demand and limited supply, as the land-constrained region is running out of developable sites.
Brokers have warned that the dwindling of buildable sites could grind down the robust market, adding that buyers also are turning to smaller sites.