(Crystal Proenza is associate editor of Real EstateFlorida.)
DEERFIELD BEACH, FL-As part of the company's continued expansion into South Florida, West Conshohocken, PA-based Seagis Property Group LP has purchased a 92,000-sf industrial facility at 400 Goolsby Boulevard in Broward County. The company would not disclose the purchase price or rental rates for the acquisition.
The building, located less than a mile from Interstate 95, is 100% leased to two tenants at market rates, says Charles C. Lee, Jr., principal of Seagis. The tenants are Brunswick Door Co., a doors retail specialist, and Doormark Inc., a thermofoil company that specializes in custom closets, kitchen cabinetry and cabinet resurfacing that has a 60,000-sf manufacturing facility at the site.
"This acquisition compliments our other Broward County holdings," Lee tells GlobeSt.com. "It's functional real estate for which there will be demand in the market over the long term."Seagis now holds 74 buildings totaling 4.1 million sf in Miami-Dade and Broward Counties, and, plans to continue expanding given the right opportunities, says Lee. The company acquired its first piece of property in Broward County in June of last year, as reported by GlobeSt.com, and has continued to purchase industrial facilities in the area.
"The market has very strong demand drivers from the ports and population centers," says Lee. "There's relatively little available land left for industrial development and high barriers to entry, which we think will cause asset values to increase over time."
The company also owns significant industrial land in Northern New Jersey and the New York City metropolitan area. The markets are not dissimilar from that of South Florida, explains Lee, pointing out that with little ground for future development, rents and values stay high. Seagis, which formed in 2005, currently operates eight million sf of industrial buildings along the Eastern Seaboard.
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