Friday, June 09, 2006

Seagis Adds to Portfolio With $18M-Plus Buy

MIAMI-West Conshohocken, PA-based Seagis Property Group LP continues its aggressive campaign to acquire industrial property with the acquisition of the 210,000-sf Kendall Park of Commerce for $18.65 million.

The property consists of three dock high warehouse/distribution buildings adjacent to the Tamiami Airport. With the acquisition, the company now owns 15 buildings totaling 1.3 million sf, all of which was acquired within the past year. Seagis selected the property because it was a good fit with its neighboring six-building Deerwood portfolio in Kendall, which it acquired in October. “We felt this acquisition complemented the Deerwood portfolio. It’s one of the fewer, larger bay class A dock high warehouse portfolios that serve the Kendall area,” Seagis principal Charles Lee Jr. tells

The Kendall Park of Commerce properties, which are fully leased, were constructed between 1994 and 1998. Seagis does not have any immediate plans for capital improvements. “They are all between six and 10 years old and in terrific shape,” Lee says.

Lee adds that Seagis will continue to acquire industrial property in South Florida with the right opportunities. “We will buy everything that we think makes sense for the market. We think the market fundamentals are solid in South Florida.”

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