Seagis doubles down in Medley, paying $24M for two industrial facilities

Deal comes after $14.8M purchase of nearby trailer parking lot

Miami /
May.May 10, 2022 10:30 AM
Seagis' Bradlee Lord with 10900 Northwest 138th Street (Seagis Property Group, iStock)

Seagis’ Bradlee Lord with 10900 Northwest 138th Street (Seagis Property Group, iStock)

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.

Miami-Dade County’s industrial market is one of the area’s strongest sectors, fueled by high demand and little developable land.

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.





    Related Articles

    arrow_forward_ios
    The Oceana in Key Biscayne (Condo.com, iStock)
    Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
    Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
    Location Ventures founder and CEO Rishi Kapoor along with a rendering of the planned 16-story condominium at 1505 Ponce De Leon Boulevard in Coral Gables (Location Ventures, Hamed Rodriguez Architect)
    Location Ventures proposes 16-story Coral Gables condo building, puts Tibor Hollo-owned site under contract
    Location Ventures proposes 16-story Coral Gables condo building, puts Tibor Hollo-owned site under contract
    A photo illustration portraying the skyrocketing rent growth for Miami's industrial market (iStock)
    Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report
    Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report
    Real estate investor Michael Klinger and 56 Bal Bay Dr, Bal Harbour (Zillow, Jon Mann/Jills Zeder Group)
    Investor buys waterfront Bal Harbour mansion for $15M, plans to renovate it and flip it for $30M
    Investor buys waterfront Bal Harbour mansion for $15M, plans to renovate it and flip it for $30M
    Link Logistics' Luke Petherbridge with 115.7-acre site at 21001 Northwest 27th Avenue (LinkedIn, Google Maps)
    Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
    Blackstone’s Link Logistics pays $291M for Calder’s horse racing track
    EverWest Real Estate Investors' Rick Stone and Tyler Williams; rendering of the newly built industrial property at 10900 Northwest 146th Street in Hialeah Gardens (Commercial Property Group, EverWest Real Estate Investors, iStock)
    EverWest buys Hialeah Gardens industrial building for $43M
    EverWest buys Hialeah Gardens industrial building for $43M
    First Industrial Realty's Peter E. Baccile with 1801 North Andrews Avenue (First Industrial Realty Trust, Colliers, iStock)
    First Industrial picks up Pompano Beach manufacturing facility for $25M
    First Industrial picks up Pompano Beach manufacturing facility for $25M
    A photo illustration of Jade Signature (Compass Real Estate, iStock)
    Jade Signature closing tops Miami-Dade’s weekly condo sales
    Jade Signature closing tops Miami-Dade’s weekly condo sales
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...