Seagis Property Group padded its industrial holdings in Miami-Dade County after paying $20.4 million for Doral warehouse.
Conshohocken, Pennsylvania-based Seagis, led by John Begier, acquired a 62,000-square-foot facility at 2601 Northwest 104th Court, records show. The deal breaks down to $328 a square foot. Seagis paid close to triple the previous sale price a decade ago.
Hector Catano with Cornerstone International Realty brokered the transaction.
The seller is an entity managed by German Valencia, CEO of Galleria Farms, a floral importer and distributor that currently leases the warehouse and will remain as the sole tenant.
In 2015, Valencia’s entity paid $6.8 million for the 2.8-acre site, records show. The building was completed in 1993.
Seagis owns more than 5.2 million square feet of industrial space in South Florida that includes 1.5 million square feet of warehouses in northwest Miami-Dade County, according to the firm’s website.
In April, Seagis obtained an $87.7 million refinancing for seven industrial properties in northwest Miami-Dade spanning more than 787,000 square feet. The firm acquired the properties between 2005 and 2012 for a combined $48.3 million.
Seagis recently completed a 130,000-square-foot industrial park in Medley on a site at 10900 Northwest 138th Street that the company acquired for $17.5 million in 2022. The same year, Seagis also bought an adjacent complex of three small warehouses for $6.2 million, as well as a 6.4-acre industrial site in the same city for $14.8 million, records show.
In 2023, the firm sold an industrial portfolio consisting of 25 properties in Miami-Dade and Broward counties representing 1.4 million square feet of warehouse space for $262 million to Boston-based Longpoint. The deal marked the largest industrial transaction of 2023.
Miami-Dade’s industrial market is showing signs of weakening. In the second quarter, the vacancy rate rose to 6.2 percent compared to 4.1 percent during the same period last year, according to a Colliers report. The average asking rent dropped to $16.85 a square foot in the second quarter compared to $17.02 a square foot during the same period last year.