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MIAMI-Seagis Property Group, based in West Conshohocken, PA, acquired a 215,000-sf industrial building at 7901 NW 71st St. in the Medley submarket for just under $10.8 million or $50 per sf. Nearly all of the building is leased long term to Glassalum International Corp., a maker of curtain walls for high-rise structures.

The property is located on approximately 16 acres. John Begier, a Seagis principal, tells GlobeSt.com that about eight acres is suitable for additional development. “We are studying the possibility of constructing a 50,000-sf building on the land,” he says. “Our plans aren’t final, but my sense is that we will most likely break ground in 2006.”

The existing building has a 20-foot clear ceiling height, 21 tailgate dock doors and five drive-in doors. The location is within a mile of the Palmetto Expressway and within five miles of Miami International Airport. The average asking rental rate for industrial space in the Medley submarket is $6.38 per sf, according to second-quarter 2005 data from the Miami office of CB Richard Ellis and the vacancy rate is 2%. This is Seagis’ second acquisition in Miami and its first in Medley. This March it acquired a 175,000-sf property in the North Dade/Gratigny area for $8.1 million.

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