MEDLEY, FL-West Conshohocken, PA-based Seagis Property Group has acquired a 123,500-sf warehouse/distribution facility at 8150 NW 76th Ave. for $7.75 million, or $65 per sf. The building, which fronts the Palmetto Expressway, is on a net lease to printing and paper goods distributor UniSource, which is a subsidiary of Georgia Pacific.
The building has signage and is located on approximately 5.5 acres. "The building is a highly functional warehouse and distribution facility in a terrific location leased on a long-term basis to a high credit tenant," Seagis Property Group principal Charles Lee tells GlobeSt.com. "It represents a core acquisition for us."
Paul Cohen and Gary Cohen, of the CB Richard Ellis private client group, represented Seagis in finding the asset and facilitating the transaction. The seller, Florida Hwy Assets LLC was not represented by an outside broker.
"The property is an excellent investment for Seagis in the growing Medley industrial market. Georgia Pacific is a high credit tenant with approximately nine years remaining on its lease term with rental increases and options," Paul Cohen says.
The acquisition brings Seagis' portfolio in Broward and Dade County to 29 buildings with more than 2.2 million sf. "Seagis has done an excellent job obtaining critical mass in Miami-Dade County has added another piece to the puzzle with this acquisition," Cohen says.
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