MIAMI-West Conshohocken, PA-based Seagis Property Group adds to its industrial portfolio with the $12-million acquisition of a four-building, 160,000-sf office/warehouse complex at 5800 East Miami Lakes Dr. The properties, located within the Miami Lakes Industrial Park, are 94% leased on a multi-tenant basis.

"This acquisition was an opportunity to acquire modern office/warehouse product suited to large and small bay users in a highly desirable submarket of Dade County," says Seagis Property Group principal John Begier.

Seagis Property Group principal Charles Lee tells GlobeSt.com that the property has been well-maintained, but Seagis plans to make some cosmetics improvements. "We like the product type and it's in a great area," he says. "The acquisition was a complement to the other properties we have in the area."

With the acquisition, Seagis owns 23 buildings in Miami with approximately 1.8 million sf. This is the company's second acquisition in the Miami area in recent months. In December, it acquired a 215,000-sf warehouse building at 6699 NW 36th Ave. in the Hialeah section of Miami for $10.5 million. The property is 93% leased to Colmar Storage LLC.

According to a Grubb & Ellis Q3 industrial market report for Miami, the Miami Lakes submarket has a total of 4.9 million sf of industrial space with a 9.3% vacancy rate. There has been 24,798 sf of negative absorption year-to-date with average asking rents of $5.98 per sf for warehouse/distribution space and $9.89 per sf for R&D/flex space.