Seagis Property Group has expanded its industrial portfolio in Miami-Dade County with the purchase of a warehouse in Doral for $20.4 million. The 62,000-square-foot facility is located at 2601 Northwest 104th Court, and the transaction amounts to about $328 per square foot.
The deal was brokered by Hector Catano of Cornerstone International Realty. The seller is an entity managed by German Valencia, CEO of Galleria Farms, which currently leases the property and will remain as the sole tenant. Valencia’s entity acquired the site for $6.8 million in 2015. The building was constructed in 1993.
Seagis, based in Conshohocken, Pennsylvania and led by John Begier, now owns more than 5.2 million square feet of industrial space in South Florida, including 1.5 million square feet of warehouses 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 over 787,000 square feet. These properties were purchased between 2005 and 2012 for a combined $48.3 million.
Recently, Seagis completed a 130,000-square-foot industrial park in Medley on land bought for $17.5 million in 2022. That same year, the company also acquired an adjacent complex of three small warehouses for $6.2 million and a nearby 6.4-acre industrial site for $14.8 million.
In 2023, Seagis sold a portfolio of 25 industrial properties totaling 1.4 million square feet across Miami-Dade and Broward counties to Longpoint for $262 million; this marked the largest industrial transaction that year.
Miami-Dade’s industrial sector is showing signs of slowing down: during the second quarter, vacancy rates increased to 6.2 percent from last year’s rate of 4.1 percent according to Colliers data, while average asking rents dropped from $17.02 per square foot to $16.85 per square foot over the same period.
“
