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MIAMI-Seagis Property Group has bought the two-building, 121,250-sf industrial property at 57 NE 179th St. for nearly $47.22 per sf or just over $5.7 million. This is the West Conshohocken, PA-based company’s third South Florida acquisition in five months and not its last, according to John Begier, a Seagis principal.

The buildings in the newest acquisition were built in the mid-1970s. “They are remarkably functional and very well located,” Charles Lee, a Seagis principal, tells GlobeSt.com. They are pre-cast concrete construction with 28-foot ceiling heights, located within a mile of Interstate 95 and the Florida Turnpike, and include a drop lot and parking, he says.

They are currently 85% occupied by multiple tenants. Lee says, “leasing activity for the 20,000 remaining sf is strong.” Without disclosing the asking rate, he says, “rates for similar properties in this submarket are between $5.75 per sf and $6.25 per sf.”

Locally based Easton & Associates worked with Seagis in the negotiations. Carter Hopkins in the local office of Trammell Crow Co. represented the seller, members of Florida’s Kahn family.

In late July, Seagis paid just under $10.8 million for a 215,000-sf industrial building in the Medley submarket, and it paid $8.1 million for a 175,000-sf building in the North Dade/Gratigny area in March. The newest buy “increases our holdings in Miami to over 500,000 sf,” Begier says, adding, “we expect to continue our South Florida presence with similar acquisitions in the near future.”

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