Seagis Property Group LP (“Seagis”), one of South Florida’s most active industrial real estate investors and owners, announced it closed on a $14.75 million acquisition of a 6.3-acre, fully paved and secured, trailer/fleet parking lot and maintenance facility located at 13399 NW 113th Avenue Road in Medley.
The property features a newly renovated, 14,056-square-foot warehouse with 12 drive-in doors, situated on an oversized lot with substantial frontage on Okeechobee (Route 27).
The property is fully leased for the next three years by Gables Transport, Inc., a national freight services and truck repair company that is a subsidiary of the property seller, RCR Investment Group. Seagis was represented in the transaction by Jose Sasson, Director of Investment Sales at Axiom Capital Advisors.
“This marks our second recent investment in a well located, fully secured trailer parking lot in South Florida,” said Bradlee Lord, Vice President of Seagis, who is based out of the company’s South Florida office. “These unique industrial real estate assets remain in high demand across the nation, but especially in a land constrained market like ours. Beyond its prime location in one of Miami’s most desirable industrial submarkets, this property was attractive, as it’s a low coverage site and offers long-term optionality.”
Strategically located in Medley, a gateway market, the property offers immediate proximity to South Florida’s highway infrastructure and easy access to the region’s busiest air and seaports while having substantial frontage on Route 27, one of the main thoroughfares in Miami.
This acquisition expands Seagis’ South Florida regional foothold to 114 logistics properties, totaling more than 6 million square feet of investment-grade industrial space.