Seagis Property Group is developing a taste for Medley.
The Conshohocken, Pennsylvania-based logistics firm picked up a pair of adjacent industrial facilities for $23.7 million, The Real Deal has learned. It’s less than a month after purchasing a nearby trailer parking lot for $14.8 million.
Seagis bought the property at 11100 Northwest 112th Court and the site at 10900 Northwest 138th Street, which Seagis plans to redevelop, according to the buyer’s news release. The seller is Houston-based building materials company Cemex.
Steve Wasserman and Erin Byers of Colliers brokered the deal.
The property at 10900 Northwest 138th Street is a 7-acre decommissioned cement plant that will be redeveloped into a 130,150-square-foot, rear-load warehouse, according to the release. Construction is expected to be completed in 2023.
The building at 11100 Northwest 112th Court, which is directly south of the development site, includes a 11,510-square-foot warehouse fully leased to Cemex as a truck maintenance facility. This property spans 2.4 acres.
The purchase comes on the heels of Seagis’ purchase of a 6.3-acre property at 13399 Northwest 113th Avenue Road for $14.8 million in April.
Demand has been rising for outdoor industrial facilities, as robust construction activity and e-commerce growth have created a need for parking lots for delivery trucks and heavy equipment, brokers have told The Real Deal.
The latest two-property deal brings Seagis’ total acquisitions in South Florida to $82 million since the beginning of the year, according to the release.
The company’s total portfolio in the region spans 116 logistics properties totaling more than 6 million square feet. Bradlee Lord is Seagis’ vice president and is based in the company’s South Florida office.
The industrial vacancy rate dropped to 2.7 percent in the first quarter, lower than before the pandemic, when it was slightly over 4 percent, according to a Colliers report. Asking rent hit $11.80 per square foot in the first quarter, up from $10.38 in the first quarter of last year.
In February, Seagis paid $16 million for a warehouse development site on the northeast corner of Northwest 27th Street and 84th Avenue and next to its Transal Park facility in Doral, with plans for a new 17,790-square-foot building.