MIAMI-In its fifth South Florida acquisition, all purchased since March, West Conshohocken, PA-based Seagis Property Group has paid nearly $13.3 million for a 171,000-sf industrial building at 2900 NW 112th Ave. The Beacon Industrial Park asset is fully leased to Nippon Express USA Inc.
This purchase takes the company's total portfolio above one million sf and its South Florida assets to more than 750,000 sf. It also marks the company's entry into the Airport West submarket. At $77.63 per sf, this also marks both the highest overall price tag and the highest price-per-sf it has paid for a Florida asset. "We wanted to put our flag down in Airport West," Charles Lee, a Seagis principal, tells GlobeSt.com. Regarding the price, he says, "it's more expensive than our other buys, but it's a relatively new building, leased to a credit-worthy tenant, and it's hard to find product in the submarket."
The building is located on 7.5 acres within a mile of the Florida Turnpike and three miles of Miami International Airport. It was constructed in 1995 and expanded in 2003. The seller is a local private investor. Scott Sime of the local office of CB Richard Ellis represented the seller, and Seagis was represented in house.
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