Seagis Property Group bought a trailer parking lot in Medley for $14.8 million, marking growing investment appetite for outdoor industrial properties.
The Conshohocken, Pennsylvania-based logistics firm bought the property at 13399 Northwest 113th Avenue Road from RCR Investment Group, according to a Seagis news release.
RCR Investment is managed by Roberto Fernandez and Mario Abad, state corporate records show.
Jose Sasson of Axiom Capital Advisors represented the buyer.
The 6.3-acre site includes a recently renovated 14,056-square-foot warehouse with 12 drive-in doors. It is fully leased for the next three years to RCR Investment subsidiary Gables Transport, a national freight service and truck repair company, according to the release.
South Florida warehouses, distribution and manufacturing facilities have been in high demand, and now investors are increasingly seeking open storage facilities, as well. The growth of e-commerce and robust construction activity have created demand for storage for heavy equipment and trucks, including delivery vehicles, brokers say.
In December, Seagis bought the 2.8-acre parking lot at 8100 Northwest 25th Street in Doral for $9.4 million, records show.
Seagis has been heavily betting on the South Florida industrial market, as the company owns 114 logistics properties totaling more than 6 million square feet, according to the release.
High demand and dwindling developable land have pushed up industrial occupancy and rents in South Florida.
In Miami-Dade County, the industrial vacancy rate dropped to 2.9 percent in the first quarter of this year, from 4.2 percent in the first quarter of 2021, according to a Colliers report. The average warehouse rent hit $11.21 per square foot, up from $9.95 during the same time period of last year.