Seagis Property Group has expanded its industrial real estate portfolio in Miami-Dade County with the acquisition of a warehouse in Doral for $20.4 million. The property, located at 2601 Northwest 104th Court, spans 62,000 square feet, making the purchase price about $328 per square foot. This transaction represents nearly three times the property’s previous sale price a decade ago.
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 warehouse and will continue as the sole tenant.
Records indicate that Valencia’s entity acquired the 2.8-acre site in 2015 for $6.8 million. The building was constructed in 1993.
According to Seagis’ website, the company owns more than 5.2 million square feet of industrial space in South Florida, including approximately 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 totaling over 787,000 square feet in northwest Miami-Dade. These properties were purchased between 2005 and 2012 for a combined total of $48.3 million.
Seagis also completed a 130,000-square-foot industrial park in Medley on land acquired for $17.5 million in 2022 and bought additional nearby assets that year, including three small warehouses for $6.2 million and a separate 6.4-acre 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, marking it as the largest industrial transaction of that year.
Market conditions have shifted recently; Colliers reported that Miami-Dade’s industrial vacancy rate increased to 6.2 percent in the second quarter from last year’s figure of 4.1 percent. Average asking rents declined slightly to $16.85 per square foot from $17.02 during the same period last year (https://www.colliers.com/en/research/miami/miami-industrial-market-report).
