The properties, located in the Miami Lakes Commerce Park at 14240-14300 Palmetto Frontage Road, were constructed in 2002. The multi-tenanted buildings are 100% leased. With the acquisition, Seagis increased its Miami portfolio to 18 buildings totaling approximately 1.4 million sf. "This acquisition was an opportunity to acquire modern dock-high product with 24-ft clear ceiling heights in one of the most desirable submarkets in Dade County," says Seagis Property Group principal John Begier.
Begier tells GlobeSt.com that quality of the buildings and they're location in the Miami Lakes submarket made them attractive for acquisition. "We really liked the quality of the buildings, they're essentially brand new," Begier says. "Our plan is to be a long-term owner of the buildings."
In June, the company acquired the 210,000-sf Kendall Park of Commerce for $18.65 million. The property, which consists of three dock high warehouse/distribution buildings adjacent to the Tamiami Airport, were constructed between 1994 and 1998 and were fully leased at the time of the acquisition.
"We're very focused on acquiring buildings in South Florida, New Jersey and the New York metropolitan area. We have 51 buildings in our portfolio with approximately 3.5 million sf and most are located in one of those three areas," he says. "We're trying to remain disciplined in this investment environment, but we'll continue to purchase opportunities."
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