The Easton Group Acquires 45,000-SF Distribution Center From Frito Lay

The Easton Group has acquired a 45,022-square-foot warehouse distribution facility at 12850 NW 113th Court in Medley for $16.82 million.

The seller is the chips and snack maker Frito Lay.  Frito Lay will remain as a tenant for the time being but is planning to relocate to a larger facility in the near future.   The transaction closed Dec. 20.

Dalton Easton, an associate with Easton & Associates, the real estate firm’s brokerage division, arranged the sale on behalf of The Easton Group.  Jeff Hartsook of Cresa represented the seller.

Grove Bank and Trust helped finance the acquisition with a $9 million loan.

The Medley facility sits on a 6.5-acre site about a half mile from the Florida Turnpike.  Built in 1999, it has 44 dock doors and a ramp providing quick loading and turnaround times for delivery truck drivers.

“We are bullish on the Medley sub-market and are excited to continue to add high-quality assets to our portfolio,” said Easton. “We are especially excited about this acquisition as we were faced with a year-end closing with a tight timeframe and were able to deliver amidst a challenging interest rate environment. We think there is tremendous long-term upside at this basis with the temporary stabilization or regression in land values due to high borrowing and construction costs.”

Easton added that because this is a low-coverage property with excess land, there is a unique opportunity for future tenants to occupy a Class A industrial facility with additional improved land for parking or outdoor storage.

The Easton Group has approximately 900,000 square feet of new industrial development set to open in Miami-Dade, Broward and Palm Beach Counties in 2024.




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