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Front Page » Top Stories » Philadelphia Investor Snaps Up Another Miamidade Warehouse

Philadelphia Investor Snaps Up Another Miamidade Warehouse

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Written by on November 17, 2005

By Claudio Mendonca
Philadelphia investment company Seagis Property Group has purchased its seventh Miami-Dade County industrial property in the past seven months. The company paid $3.1 million this week for a 57,000-square-foot building at 3100 NW 74th Ave. in the Airport West area.

That brings the company’s holdings in the county to 1.1 million square feet, all acquired this year.

"It’s a great location. We were very pleased with the price we paid per square foot," said Charles C. Lee, a Seagis principal.

Mr. Lee said the company paid $56 a square foot for a property that if newly constructed would be worth at least $180 a square foot.

The building is fully leased to Universal Printing Co., whose deal will run for seven more years. The facility, built in 1972, was expanded and renovated in 1988.

Three weeks ago, Seagis closed a $21.3 million deal for a 231,000-square-foot property at Deerwood Commerce Center and Business Park on Southwest 119th Avenue near Florida’s Turnpike.

Previously, Seagis paid $8.1 million for a 175,000-square-foot distribution center in Gratigny Industrial Park, 3000 NW 125th St., and spent $10.7 million on a 215,000-square-foot facility in Medley.

The company also has purchased a 68,800-square-foot property at Sunshine State Industrial Park on Northwest 167th Street and two buildings west of Interstate 95 in Miami Gardens.Details: (484) 530-9135 or www.seagisproperty.com.

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