The expansion more than doubles the square footage currently occupied by Arch in the same building.
West Conshohocken, PA-based Seagis Property Group, which has purchased more than one million sf in industrial assets in the Miami-Dade market since March 2005, is in the process of relocating two existing tenants at the 175,000-sf property off site to accommodate Archs expansion plans.
We took a building that was fully leased and restructured the tenancy to accommodate the growth of a really good tenant, says Charlie Lee, principal with Seagis. The other businesses were changing and there was an opportunity to recapture their space before their lease was up. This building was our first acquisition in Miami in March 2005, and this transaction enabled us to structure a competitive and cost effective long-term solution of our tenants growth requirements while significantly enhancing the value and stability of our investment.
Headquartered in a suburb of Philadelphia, Seagis--which has holdings in several markets along the Eastern seaboard, including Central and Northern New Jersey and the Baltimore/Washington corridor--has focused its operations on Miami-Dade recently. The company acquired 12 buildings in seven transactions, making it one of the most active buyers of industrial property in South Florida last year. Those properties are 100% leased, according to Lee.
Seagis made this a seamless transaction for our organization, responding quickly and flexibly to our business needs, says Leon Silverstein, president and CEO of Arch Aluminum, a family-owned business with roots in the glass and glazing industry dating back to 1898 and 27 locations nationwide.
Both landlord and tenant were represented in-house during lease negotiations.