MIAMI-Seagis Property Group has purchased the 57,000-sf industrial building at 3100 NW 74th Ave. here for $3.1 million, or about $54.39 per sf. This is the West Conshohocken, PA-based industrial specialist's seventh acquisition here this year and its second in the Airport West submarket.
In September, Seagis paid $13 million for a 171,000-sf building in Beacon Industrial Park in this submarket. The current acquisition, which is located less than a mile from Miami International Airport, is 100% leased. The seller is a local private developer, according to Charles Lee, a Seagis principal, who tells GlobeSt.com that the seller and buyer were direct negotiators in the transaction.
"We like this submarket," Lee says. He declined to disclose the current tenant's rental rate, but according to a third-quarter report from the local office of CB Richard Ellis, the average asking rent in Airport West is $7.86 per sf, which compares with an average of $6.79 per sf for the overall Miami industrial market. The vacancy rate in Airport West is 5%, according to the CBRE report.
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