Seagis Property Group bought a warehouse development site near Fort Lauderdale-Hollywood International Airport for $29.5 million, marking its ongoing bet on the booming South Florida industrial market.
The Conshohocken, Pennsylvania-based company bought the Alamo Rent A Car-leased property at 1700 Eller Drive from Eller Drive Properties, according to a spokesperson for Vanguard Realty Advisors.
Jonathan Salk of Vanguard Realty Advisors represented the buyer and seller.
The selling entity is led by Diego and Helena Ribadeneira, Daniela Balarezo and Georgina Menendez, according to state corporate records.
Seagis wants to redevelop the property into a 199,615-square-foot warehouse, according to media reports.
The existing 48,411-square-foot building was constructed in 1974 on 4.3 acres, property records show. It is east of the airport.
Seagis has been investing heavily in South Florida industrial real estate this year, as the market has prospered during the pandemic.
In Broward County, the industrial vacancy rate dropped to 5.6 percent in the third quarter, compared to 6.8 percent in the second quarter, according to Colliers. The average asking rent was $9.68 a square foot in the third quarter, up from $9.19 during the same period last year.
Seagis, whose vice president is Bradlee Lord, bought a warehouse near Miami Gardens for $8 million in October, and a Doral facility for $19.4 million in September.
In May, Seagis bought a Medley building for $7.9 million.
The company’s total portfolio spans more than 12 million square feet across New York and New Jersey, according to its website. Its South Florida portfolio consists of more than 5.6 million square feet, according to an October news release.