Seagis Property Group has expanded its industrial holdings in Miami-Dade County with the purchase of a warehouse in Doral for $20.4 million. The facility, located at 2601 Northwest 104th Court, measures 62,000 square feet, which puts the sale price at $328 per square foot.
The transaction was brokered by Hector Catano of Cornerstone International Realty. The seller is an entity managed by German Valencia, CEO of Galleria Farms, a floral importer and distributor that currently leases the warehouse and will remain as the sole tenant.
Records show that Valencia’s entity bought the property in 2015 for $6.8 million. The building was completed in 1993 and sits on a 2.8-acre site.
Seagis Property Group, based in Conshohocken, Pennsylvania and led by John Begier, now owns more than 5.2 million square feet of industrial space across South Florida. Of this portfolio, about 1.5 million square feet are warehouses located in northwest Miami-Dade County.
Earlier this year, Seagis secured an $87.7 million refinancing package for seven industrial properties in northwest Miami-Dade totaling more than 787,000 square feet. These assets were acquired between 2005 and 2012 for a combined total of $48.3 million.
The company recently completed construction of a new industrial park measuring 130,000 square feet in Medley at 10900 Northwest 138th Street after acquiring the site for $17.5 million in 2022. That same year, Seagis also purchased an adjacent three-warehouse complex for $6.2 million and a separate nearby industrial site covering 6.4 acres for $14.8 million.
In another notable move last year, Seagis sold an industrial portfolio comprising 25 properties totaling 1.4 million square feet across Miami-Dade and Broward counties to Boston-based Longpoint for $262 million—the largest industrial deal recorded locally in 2023.
Market data indicates that Miami-Dade’s industrial sector is facing some challenges: during the second quarter of this year, vacancy rates increased to 6.2 percent from last year’s figure of 4.1 percent; average asking rents also decreased slightly from $17.02 to $16.85 per square foot over the same period (https://www.colliers.com/en/research/miami/2024-q2-industrial-market-report-miami).
“Seagis paid close to triple the previous sale price a decade ago.”
