By Scott Baltic
Seagis Property Group, of Conshohocken, Pa., has acquired Airport International Center, a two-building, 207,000-square-foot warehouse complex in Miami’s Airport West submarket.
The multi-tenant buildings, at 5501-5505 NW 72nd Ave., feature 4,500-square-foot tenant bays, with both dock-high and street-level loading in each tenant space. The property is about 2 miles from Miami International Airport and 13 miles from the Port of Miami.
The seller of the 1994-vintage property was Lincoln Property Co.
“We continue to see strong demand for these highly functional small-bay infill warehouse units,” Ronald Marrero, Seagis’ Director of Leasing and Investments, said in a prepared statement. “Airport International Center is a natural complement to our South Florida portfolio, which now includes 92 buildings and 5 million square feet in the Dade and Broward County marketplace.”
Seagis owns and operates more than 10 million square feet of industrial buildings in South Florida, New Jersey and New York City.
As of press time, Seagis had not responded to Commercial Property Executive’s request for additional information.
Metro Miami-Dade enjoys strong industrial market
Continued economic and employment expansion in Miami-Dade and rising land and construction costs have made for a tight industrial market, according to a second-quarter report from Cushman & Wakefield.
In the Airport West submarket, the overall vacancy was 3.9 percent on an inventory of 45.6 million square feet, and warehouse/distribution space there rents for about $9.01 per square foot on average, again per Cushman & Wakefield. Space under construction or delivered this year totals about 1.6 million square feet in the submarket.
Image courtesy of Seagis Property Group