Seagis plans to break ground on a 51,100-square-foot, state-of-the-art, highly functional industrial facility to complete the approximately 200,000-square-foot industrial park.
The sale closed at a 3.59 percent capitalization rate, which was a record capitalization for all Walgreens stores nationally.
Construction on the new warehouse is expected to start towards the end of 2022 and take about a year to a year and a half to complete.
The 80,361-square-foot property includes two freestanding outparcel buildings.
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The properties include 16 warehouses, spanning 23 acres in total.
The building was originally built in the mid-seventies.
The complex is 90 percent leased to 40 tenants from a variety of industries including healthcare, law, finance and engineering.
This acquisition expands Seagis’ South Florida regional foothold to 112 logistics properties, totaling more than 6 million square feet of investment-grade industrial space.
The firm will occupy the 24,000 square foot ground floor retail space which was formerly occupied by a grocery tenant and more recently used as a furniture showroom.