X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

MIAMI-Seagis Property Group has purchased the 57,000-sf industrial building at 3100 NW 74th Ave. here for $3.1 million, or about $54.39 per sf. This is the West Conshohocken, PA-based industrial specialist’s seventh acquisition here this year and its second in the Airport West submarket.

In September, Seagis paid $13 million for a 171,000-sf building in Beacon Industrial Park in this submarket. The current acquisition, which is located less than a mile from Miami International Airport, is 100% leased. The seller is a local private developer, according to Charles Lee, a Seagis principal, who tells GlobeSt.com that the seller and buyer were direct negotiators in the transaction.

“We like this submarket,” Lee says. He declined to disclose the current tenant’s rental rate, but according to a third-quarter report from the local office of CB Richard Ellis, the average asking rent in Airport West is $7.86 per sf, which compares with an average of $6.79 per sf for the overall Miami industrial market. The vacancy rate in Airport West is 5%, according to the CBRE report.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.