MIAMI-West Conshohocken, PA-based Seagis Property Group has acquired a 208,000-sf, five-building office/warehouse portfolio in the Palmetto Lakes Industrial Park for $16.8 million. The buildings are 88% leased to multiple tenants.
"These properties are an excellent complement to our recently acquired Lakeway Corporate Center, all of which are located in the Miami Lakes submarket," says Seagis Property Group principal John Begier.
Seagis Property Group principal Charles Lee tells GlobeSt.com that the portfolio was acquired because the assets are high-quality, infill industrial properties located in a submarket that's always performed well. "We intend to maintain the properties at high levels of occupancy and hold them long term," Lee says.
With the acquisition, Seagis' holdings in Miami total 28 buildings with two million sf. "We will continue to acquire properties as long as opportunities exist," he says.
According to a CB Richard Ellis Q1 industrial market report for Miami, the Miami Lakes submarket has a total of 10.4 million sf of space with a 5.9% vacancy rate. During 1Q, there was 277,077 sf of negative absorption with average asking rental rates of $8.28 per sf.
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