SeaVee Boats will stay anchored in Medley after selling its global headquarters to Sagard Real Estate for $51 million.
An affiliate of Denver-based Sagard, led by Mark Bigarel, acquired the boat showroom and manufacturing complex at 11081 Northwest South River Drive, records and real estate database Vizzda show. The buyer financed the purchase with a $30.6 million loan from BMO Bank.
The transaction breaks down to $273 per square foot for three warehouses spanning 186,400 square feet.
SeaVee, led by Moises Rodriguez, Ralph Torres and Ariel Pared, signed a 10-year lease with four five-year renewal options, Vizzda states.
Avison Young’s Michael Fay and John Crotty represented SeaVee, and Joel Kattan and Anthony Peragine with SVN Commercial Realty represented Sagard, according to a news release.
SeaVee paid $5.3 million for the 9.1-acre site in 2016, and completed the headquarters complex three years later, records show.
Buying the SeaVee headquarters provides Sagard with an industrial facility in the highly sought-after Medley submarket that is secured by a long-term lease with rent increases baked into the contract, said Matt DiVito, Sagard’s acquisitions director, in a statement. Founded in 1997, Sagard has $5.2 billion in real estate assets across the U.S., the release states.
Fully leased industrial properties rarely trade in the highly competitive South Florida market. Last year, Sagard sold a 100 percent occupied, 192,000-square-foot warehouse in Miami Lakes for $30.1 million to Dalfen Industrial. The building is leased to Mr. Glass Doors and Windows, a residential and commercial windows and doors manufacturer.
In 2024, New York-based BentallGreenOak dropped $60 million for a Medley warehouse with a tenant locked in for the next two decades. The seller, Quirch Foods, signed a lease through 2042 with two 10-year renewal options.
Other recent industrial investors in Medley include Miami-based Cofe Properties, which acquired two warehouse complexes for $26.8 million in October. Two months earlier, Miami-based WREV, led by Tyler Workman, paid $22.7 million for three Medley warehouses.