Transwestern Expands Industrial Relationship With Seagis

MIAMI—Transwestern is burning up the industrial real estate sector with yet another exclusive leasing assignment. Transwestern’s South Florida office just inked a deal to represent Seagis Property Group for its newly acquire industrial assets spanning 230,000 square feet.
 
826 Industrial Park totals 138,500 square feet spread out across nine buildings. It is currently 82% occupied. 3450 NW 115th Avenue is a freestanding 87,000-square-foot building. The asset is 100% vacant.

Transwestern senior vice president Thomas Kresse, along with managing directors Walter Byrd and Benjamin Eisenberg will oversee the assignment on behalf of the landlord. Transwestern recently brought two other Seagis properties to full capacity.

“Seagis Property Group has built a reputation as a landlord with whom the brokerage community enjoys transacting business,” Eisenberg tells GlobeSt.com. “They are very responsive to the needs of the broker and, more importantly, to the user of the real estate. We intend to leverage this fact through aggressive marketing campaigns for both properties.”

Miami’s overall industrial market is expected to improve moderately through 2012, with rental rates continuing to improve and vacancies steadily decreasing. Miami’s industrial market saw more than 1.8 million square feet absorbed in 2011, marking the second consecutive year of positive space gain.

826 Industrial Park fronts the Palmetto Expressway between NW 27th and NW 37th Avenues and is a multi-tenant industrial park. Eisenberg says this is a unique asset because it’s one of the few parks located on the north side of the Palmetto Expressway. Since acquiring the asset in October, Seagis has made extensive capital improvements to the property.

“Availability of quality space in this submarket has diminished significantly in the last 12 months,” Eisenberg says. “As such tenants are faced with a dwindling choice of quality space and landlords are responding accordingly.”

The building located at 3450 NW 115th Avenue is in the heart of Doral and is one of the premier buildings in the submarket. This building fronts on the Florida Turnpike.  

“The Doral market continues to be the most active in South Florida,” Eisenberg says. “Based on the amount of leasing activity we are seeing on this asset already, we expect to lease the building to a quality tenant and very quickly.”