Seagis Property Group Inks Full-Building Lease in Miami-Dade
- Mar 25, 2020
Del Valle Brands, a Miami-based brand development and distribution company specializing in Caribbean markets, has leased an entire 125,976-square-foot building owned by Seagis Property Group in Medley, Fla., a Miami-Dade submarket.
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The building has Palmetto Expressway frontage and is located at the southeast quadrant of the Palmetto Expressway and Okeechobee Road, offering easy access to major thoroughfares for distribution throughout South Florida.
Transwestern Real Estate Services represented Seagis, the landlord of the freestanding building at 8150 NW 76th Ave., in securing the long-term industrial lease. Transwestern’s South Florida industrial team of Managing Director Thomas Kresse, Executive Managing Directors Walter Byrd and Ben Eisenberg, and Vice President Carlos Gaviria handled the transaction. Lee Katsikos of The Katsikos Group represented the tenant during the lease transaction.
Kresse said in a prepared statement Seagis invested significantly in the building after the previous tenant vacated in December. He described Del Valle Brands as a stable tenant that is indicative of the kind of industrial activity they have been seeing in Miami-Dade County among larger tenants.
In December 2019, the same Transwestern team was part of the brokerage group that negotiated a new, long-term lease at an 80,000-square-foot cold storage facility at the Beacon at 97th Avenue industrial park in Doral, Fla. Transwestern represented the tenant, SPR Global Storage & Logistics, and JLL assisted landlord Prologis. The property at 2000 NW 97th Ave. is located in Miami’s Airport submarket. In April, the same Transwestern brokerage team arranged two industrial leases totaling 104,055 square feet in the Airport and Medley submarkets. The team represented the tenants in both lease transactions. Miami-Dade has become one of the nation’s most desirable industrial markets, particularly because of its proximity to Miami International Airport, the Port of Miami and major roadways.
More Seagis deals
Seagis, a Conshohocken, Pa.-based, owner and operator of industrial properties in New Jersey, New York and the Miami and Fort Lauderdale, Fla., regions, has a portfolio totaling about 11.5 million square feet. In November 2019, Seagis acquired two adjacent warehouses totaling 41,000 square feet in West Hialeah, Fla., in Miami-Dade County. Seagis leased both buildings to a single tenant prior to closing the acquisition. Those properties increased the company’s South Florida portfolio at that time to 96 buildings totaling 5.1 million square feet.