Easton & Associates Inks 2 Deals Totaling More Than 50,000 SF
Easton’s Michael Foxwell Jr. and Andrew Easton negotiated the lease transactions.
Easton’s Michael Foxwell Jr. and Andrew Easton negotiated the lease transactions.
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The 10,978-square-foot building is located on an oversized and fenced 1.2-acre lot, providing ample room for truck and trailer parking.
The deals mark an expansion for the company, which already leases a 50,000-square-foot warehouse at 1148 Northwest 72nd Street in unincorporated Miami-Dade.
Keith Kidwell, Les Byron, and Steve Davis of SVN | Commercial Realty represented the landlord and Patrick Conness of Conness Commercial Realty represented Sunbelt Rentals, Inc. in the transaction.
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The joint venture currently expects to obtain debt financing and commence site development and construction of the initial phase of the project in the first quarter of 2024.
The property, includes a 3,941-square-foot retail/industrial building and vacant lot encompassing a total of .73 acres, sold for above the initial asking price.
“Both of these properties are a classic value add where current rents are below market, purchase price way below replacement cost, short-term leases and some capital improvements to maximize the increase in value,” added Levitt. “It is very hard to find value add industrial properties in Florida and we are looking forward to rolling up our sleeves to make this a great long-term investment.”
Matthew G. McAllister and Christopher Thomson are overseeing leasing efforts on behalf of the property’s new landlord.
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