Seagis, based in West Conshohocken, PA, was recently formed by John Begier and Charles Lee, former executives of Keystone Property Trust, which was acquired by ProLogis in 2004. Seagis focuses exclusively on industrial properties and this is its first acquisition. The seller is a private investor.
The facility, which is located on 6.7 acres, was completed in 1991. Begier says, "we believe this is an excellent infill property…and is well suited to accommodate the needs of the modern distribution user." It is within striking distance of Miami International Airport and the Port of Miami.
According to a 2004 year-end report by the local-area office of Colliers International, the North Dade/Gratigny area, "considered a lower cost alternative to Airport West, may be undervalued." The report says the industrial vacancy rate in this area stands at 7%; the average asking rental rate is $5 per sf and the average sale price is $60 per sf.
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