With 80 industrial sites in Miami-Dade and Broward, Seagis aims to buy more
By Yudislaidy Fernandez
With 4 million square feet of industrial space under its control in Miami-Dade and Broward counties, Seagis Property Group's officials say the firm is here to stay and grow.
The Pennsylvania-based investment group wrapped up 2010 by acquiring an 113,380-square-foot industrial building in Doral for $8.75 million.
The multi-tenant warehouse and distribution facility, with only 24,500 square feet up for grabs, is at 8305 NW 27th St., within the Transal Business Park.
"One of our target markets in South Florida is Doral," said Peter Crovo, Seagis senior vice president based in Miramar. The property is "quality product to add to the portfolio, and the fact the building itself is in Doral and has 15,000-square-foot units is a nice niche for the market."
In the local market, he said, he's seeing more demand for smaller units.
Seagis owns 80 industrial properties totaling about 4 million square feet in Miami-Dade and Broward. In Miami-Dade, they're spread through areas like Doral, Hialeah, Miami Lakes, Kendall and North Miami.
Throughout the US, the company owns 8 million square feet of industrial properties in Pennsylvania, New Jersey, New York and Florida, its largest market.
Late last year, Seagis appointed Mr. Crovo, who was based at headquarters, to spearhead its South Florida operations and growth.
"The function is to grow the portfolio the right way," he explained. "A lot of that growth is going to be smaller buildings that are going to fit the market."
Mr. Crovo is also responsible for cultivating the company's relationships with current and prospective tenants and sellers as well as working with its local management staff and leasing agents.
"South Florida moves a lot quicker," he said. "When people want their spaces, they want it today. In other markets, there's more of a lead time."
Among the properties Seagis owns in Miami-Dade, where it's been scooping up industrial space for five years, are a five-building office and warehouse portfolio at Palmetto Lakes Industrial Park, the 201,000-square-foot Kendall Park of Commerce and Doral Logistics Center at 2900 NW 112th Ave.
The company has long-term plans in South Florida.
Seagis Principal Charles Lee said most of the growth the company sees today is in logistics businesses involved in importing and exporting that serve global markets from this region.
"We're big believers in the South Florida market because it's extremely supply-constrained…," he said.
For the past six to 12 months, Mr. Lee said, the local market has been improving, with occupancy increasing and rents stabilizing in some areas while in others rates start to rise.
Mr. Lee and Mr. Crovo said they don't have a target number of acquisitions planned this year but are always in search of high-quality properties to add to Seagis's portfolio.
"We're looking to grow our portfolio over the next 10 years," Mr. Crovo said. "Our platform is to be here and own for a long time."
Banks chase good credit risks. Read the complete story. Subscribe to e-Miami