MIAMI—Seagis Property Group is taking Miami by storm. In the latest of a string of industrial acquisitions, Seagis just snapped up a 340,000-square-foot class A warehouse/distribution facility in Doral. Financial terms of the deal were not disclosed.

Located at 10000 NW 25th Street, the facility features 32-foot clear ceiling height, ESFR sprinkler systems, and secured cross-dock loading. Spacewise, the facility offers 56,000 square feet of finished two-story offices, 6,400 square feet of refrigerated storage area, and 331 parking spaces. The building will be available in its entirety for lease in June 2012.

Seagis has not named a leasing agent yet, but Transwestern seems to be a natural fit for the job. Transwestern just expanded its relationship with Seagis ealrier this week, winning the exclusive leasing assignment for two newly acquired industrial assets spanning 230,000 square feet. What’s more, Transwestern recently brought two other Seagis properties to full capacity. Seagis Property Group owns 8.5 million square feet of industrial buildings primarily in Greater Miami/Ft. Lauderdale, Central and Northern New Jersey, and the JFK Airport area. 

Transwestern sees the opportunities and the challenges in Miami’s industrial market. Walter Byrd, managing director for Transwestern in South Florida, tells GlobeSt.com the current lack of large blocks of available space in the Airport West and Medley submarkets will create some short term pressure on rates to increase more rapidly. Then, he predicts the delivery of 1 million square feet  toward the end of the year could create a little bit of a "yo-yo" effect on rates and occupancy for large blocks of space.
 
“The biggest challenge we see for the market is moderating growth in Latin America, which has fueled the market since the third quarter of 2009,” Byrd says. “However, the beauty of the South Florida market is the economic balance, so even with the moderating growth in Latin America, the strengthening domestic economy will provide for consistent rent growth over the next 24 months, which we think is healthy for the market on a long-term basis.”