(Read more on the industrial market.)

MIAMI-West Conshohocken, PA-based Seagis Property Group has acquired the two-building, 222,700-sf Palmetto Business Center for $12.9 million. The asset was 92% leased at sale time.

The buildings are located on 7.93 acres at 6700 NW 77th Court and 7801-21 NW 67th St. in an unincorporated section of Miami-Dade County north of Doral and south of Medley. The buildings front the Palmetto Expressway or Route 826. “The property is a highly functional building in a great location and it complements our other properties in the area,” Seagis Property Group principal Charles Lee tells GlobeSt.com. With the takeover is a new name, Palmetto Trade Center.

The complex is leased to regional and national distribution tenants. It has one 18,000-sf warehouse, which currently is being built out and available for lease. Ron Berger of CB Richard Ellis has been retained as the leasing agent for the property.

Lee says Seagis is making improvements to the property like painting and repaving. “We think there is upside potential to the property,” he says. “We believe it will appreciate in value over time.”

The seller, El Segundo, CA-based Benjamin Management Co., was represented by Paul Cohen and Cary Cohen of CB Richard Ellis. Seagis Property Group represented itself in the transaction. With the acquisition, the buyer owns more than four million sf in 71 buildings in Dade and Broward counties.

The newest acquisition “has tremendous upside and value-add opportunity in this tight industrial leasing market,” Paul Cohen says in a press release. “Land constraints, limited supply and a growing local economy have compressed vacancy rates to the low single digits causing rental rates to continue to climb.”

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