Seagis Property Group has increased its industrial property holdings in Miami-Dade County with the purchase of a warehouse in Doral for $20.4 million. The 62,000-square-foot facility, located at 2601 Northwest 104th Court, was acquired for about $328 per square foot. This price is nearly three times higher than what the property sold for ten years ago.
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. Galleria Farms will continue to lease and occupy the warehouse as its sole tenant.
Valencia’s entity previously bought the 2.8-acre site in 2015 for $6.8 million. The building dates back to 1993.
According to Seagis’ website, the company now owns more than 5.2 million square feet of industrial space in South Florida, including 1.5 million square feet in northwest Miami-Dade County.
Earlier this year, Seagis secured $87.7 million in refinancing for seven industrial properties in northwest Miami-Dade totaling over 787,000 square feet; these properties were acquired between 2005 and 2012 for a combined $48.3 million.
In recent developments, Seagis completed a 130,000-square-foot industrial park in Medley on land purchased for $17.5 million in 2022 and also acquired an adjacent set of warehouses for $6.2 million along with a nearby 6.4-acre site for $14.8 million that same year.
Last year, Seagis sold a portfolio of 25 industrial properties covering 1.4 million square feet across Miami-Dade and Broward counties to Longpoint, based in Boston, for $262 million—reported as the largest industrial deal of 2023.
Market conditions have shifted recently: according to Colliers https://www.colliers.com/en/research/miami/miami-industrial-market-report, vacancy rates in Miami-Dade’s industrial sector rose to 6.2 percent during the second quarter from last year’s figure of 4.1 percent; average asking rents declined slightly from $17.02 per square foot last year to $16.85 this year.
