Warehouse Investor Adds To County Portfolio

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.