Warehouse Investor Adds To County Portfolio
Written by Claudio Mendonca on October 27, 2005
By Claudio Mendonca
Seagis Property Group LP, a Philadelphia investor of warehouse properties, has continued its march into South Florida with the $21.3 million purchase last week of a southwestern Miami-Dade County business park.
The company, formed seven months ago, has purchased more than 1 million square feet of commercial real estate in the county.
Seagis closed last week on Deerwood Commerce Center and Business Park, a 231,000-square-foot facility on Southwest 119th Avenue along Florida’s Turnpike. The six-building complex is fully leased.
"With the purchase of the Deerwood portfolio, we have acquired two of the highest-quality warehouse distribution buildings in Miami-Dade County," said Seagis partner John Begier.
In September, Seagis purchased a 170,000-square-foot building in Beacon Industrial Park in Doral.
Charlie Lee, Mr. Begier’s partner at Seagis, said South Florida is a top investment market because warehouse supply is limited and not much developable land remains.
The transaction was Seagis’ sixth purchase in the county. Previously, the company spent $8.1 million on a 175,000-square-foot distribution center in Gratigny Central Industrial Park, 3000 NW 125th St.; $10.7 million on a 215,000-square-foot building in Medley that is being leased by curtain-wall manufacturer Glassalum International Corp.; and $3.6 million on a 68,800-square-foot facility in Sunshine State Industrial Park on Northwest 167th Street.
Seagis also purchased two buildings a mile west of Interstate 95 in Miami Gardens.