MIAMI-Seagis Property Group paid $3.6 million, or $52.33 per sf, for the 68,800-sf industrial building at 1175 NW 159th Dr. in the Sunshine State Industrial Park. This is the West Conshohocken, PA-based company's fourth acquisition here since Charles Lee and John Begier formed Seagis in mid-March of this year.
The latest acquisition is fully leased to two tenants, Lee tells GlobeSt.com. He says the rental rate for similar properties in the area is between $6 per sf and $6.50 per sf. Bob Communal of locally based Industrial Property Group represented the seller, a Florida private investor. Seagis was represented in house.
This is the highest price-per-sf Seagis has paid for a property here. Others cost between just over $46 per sf and $50 per sf. With this buy, Seagis' total investment in Dade County reaches $28.2 million, and its portfolio here exceeds 580,000 sf. One of its four properties is located on 16 acres and has the potential for additional development. Begier previously suggested to GlobeSt.com that Seagis could begin construction of a 50,000-sf building there next year. Meanwhile, the overall occupancy rate in its existing properties here is 97%, he says.
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