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 62,000-square-foot facility is located at 2601 Northwest 104th Court, and the purchase price equates to $328 per square foot.
The transaction was brokered by Hector Catano of Cornerstone International Realty. The seller is an entity managed by German Valencia, CEO of Galleria Farms, a floral importer and distributor. Galleria Farms will continue as the sole tenant of the property.
Records show that Valencia’s entity purchased the 2.8-acre site in 2015 for $6.8 million. The building was originally completed in 1993.
According to Seagis’ website, the company now owns more than 5.2 million square feet of industrial space across South Florida, including 1.5 million square feet in northwest Miami-Dade County.
Earlier this year, Seagis secured an $87.7 million refinancing package covering seven industrial properties totaling over 787,000 square feet in northwest Miami-Dade County; these assets were acquired between 2005 and 2012 for a combined $48.3 million.
In Medley, Seagis recently finished development on a new industrial park spanning 130,000 square feet at 10900 Northwest 138th Street—a site acquired for $17.5 million in 2022—and also purchased nearby warehouses and land during that period.
Last year, Seagis sold a portfolio comprising 25 properties across Miami-Dade and Broward counties—totaling approximately 1.4 million square feet—for $262 million to Longpoint of Boston; it was noted as the largest industrial deal in South Florida for that year.
Recent market data indicates some softening within Miami-Dade’s industrial sector: vacancy rates rose to 6.2 percent during the second quarter from last year’s rate of 4.1 percent, while average asking rents declined slightly from $17.02 per square foot to $16.85 per square foot during the same timeframe (https://www.colliers.com/en/research/miami/miami-industrial-market-report).
“Seagis expands Miami-Dade footprint with Doral warehouse purchase”
