Seagis Property Group landed an $87.7 million refinancing for an industrial portfolio in Miami-Dade County.
State Farm Life Insurance Company provided the loan to Conshohocken, Pennsylvania-based Seagis, led by John Begier, records show. A JLL team led by Jim Cadranell and Gregory Nalbandian arranged the financing on behalf of Seagis, a press release states.
The new mortgage replaces a previous $95 million loan from Hartford Fire Insurance Company, records show.
The portfolio consists of seven fully leased properties spanning 787,728 square feet in northwest Miami-Dade, the release states. The sites are leased to a total of 41 tenants involved in logistics, food and beverage, retail, e-commerce, packaging, fashion, pharmaceuticals and telecommunications.
The properties include:
- A 77,198-square-foot warehouse at 11305 Northwest 128th Street acquired for $5 million in 2012
- A 64,137-square-foot industrial building at 10400 Northwest 33rd Street purchased for $4.9 million in 2002
- A 73,040-square-foot warehouse at 13800 Northwest 119th Avenue bought for $12.7 million in 2005
- A 167,464-square-foot facility at 57 Northwest 179th Street acquired for $13.2 million in 2005
- A three-building complex spanning 134,425 square feet at 2900 Northwest 112th Avenue purchased for $5.7 million in 2005
- A roughly 100,000-square-foot business park at 3485 Northwest 167th Street bought for $6.8 million in 2011
Founded in 2005, Seagis manages 13 million square feet of industrial and logistics space across the country, according to the firm’s website. The last time Seagis bought industrial sites in South Florida was in 2022 when the company paid $23.7 million for two warehouse properties in Medley and $16 million for an industrial development site in Doral.
Last month, Seagis broke ground on a 235,812-square-foot warehouse on another Medley property the company owns, published reports state. In other recent industrial deals, Northbridge Partners picked up a 106,289-square-foot building in Coral Springs for $22.3 million. Three entities managed by original Midtown Miami developer Jon Samuel sold the fully leased property to NorthBridge, an industrial real estate firm based in Linthicum Heights, Maryland and Wakefield, Massachusetts.