Seagis Property Group Lands Walmart on Full Medley Warehouse

Walmart has signed a 16-year lease for the entire 130,150-square-foot warehouse that Seagis Property Group just completed at 10900 NW 138th St. in Medley, taking every square foot of the building rather than sharing it with other tenants. The deal carries three five-year extension options and was announced August 27.

Why it matters

A single tenant absorbing a whole 130,000-square-foot building in Medley is a strong readout on one of Miami-Dade’s most land-constrained industrial pockets, where new supply is scarce enough that landlords rarely have to split a box to fill it. Seagis bought the 13.2-acre site for $17.5 million back in 2022 and built out the warehouse to have it delivered straight into a lease this size, a bet on Miami-Dade industrial demand that paid off before the building had time to sit vacant. For developers and landlords elsewhere in South Florida still underwriting spec industrial, a national retailer signing for the full building on a market-rate deal, not a build-to-suit, is a data point worth watching.

The lease also marks Walmart’s third South Florida real estate move logged this month, alongside its 24-acre land purchase in Westlake for a new supercenter and a renewed industrial lease in Pompano Beach, underscoring how aggressively the retailer is expanding its regional distribution and store footprint at once.

The numbers

The building runs 40 feet tall with two drive-in doors and 46 dock-high doors, standard heavy-distribution specs. Walmart’s lease covers all 130,150 square feet, with a 16-year initial term plus three five-year options that could keep the retailer on site past 2050 if fully exercised. Seagis’s basis on the underlying 13.2 acres was $17.5 million.

What’s next

Neither Walmart nor Seagis’s representatives commented on how the space will be used, though a lease of this size and door count points toward distribution or fulfillment rather than retail storage. With the building now fully committed, Seagis’s next move in the submarket will be the one worth tracking, given how quickly this one landed a tenant after completion.