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MIAMI-West Conshohocken, PA-based Seagis Property Group has acquired the two-building, 222,700-sf Palmetto Business Center for $12.9 million. The industrial property is currently 92% leased to regional and national distribution tenants.

The buildings are located on 7.93 acres at 6700 NW 77th Court and 7801-7821 NW 67th St. in an unincorporated section of Miami-Dade County north of Doral and south of Medley. The buildings front and have signage on the Palmetto Expressway (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.

The property has one 18,000-sf warehouse unit which is currently being built out and is available for lease. Ron Berger, of CB Richard Ellis, has been retained as the leasing agent for the property. Lee adds that Seagis is currently making improvements to the property, including painting and repaving. The name of the property is being changed to Palmetto Trade Center. “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 the CB Richard Ellis Private Client Group. Seagis Property Group represented itself.

“Palmetto Business Center has tremendous upside and value-add opportunity in this tight industrial leasing market,” says Paul Cohen, in a prepared statement. “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.”

With the acquisition, Seagis Property Group owns 71 buildings in Dade and Broward counties, with a total of more than four million sf.

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