The Easton Group continues to grow its industrial portfolio with the acquisition of a Class A warehouse in northwest Miami-Dade County.
The Doral-based commercial real estate company paid $14.25 million for the 75,829-square-foot facility located at 3121 Northwest 125th Street. Dalton Easton, an Easton Group associate, represented the buyer in the off-market transaction. Michael Silver, First Vice President with CBRE, represented the seller.
“This is a well-located asset that fits our investment criteria,” said Easton. “Despite what is happening with interest rates and talk of recession, we are still seeing strong tenant demand for quality warehouse space.”
The Easton Group, which will celebrate 50 years in business in 2024, has been one of the most active local players in this recent cycle, in both acquisitions and new developments.
In June 2022, the firm joint ventured with Rialto Capital to acquire a 335,000-square-foot portfolio of light industrial properties in Jacksonville for $38 million. Two months earlier, Easton acquired an outdoor industrial site with a truck terminal in Hollywood for $14.35 million.
On the development side, the City of Riviera Beach approved plans for Easton to build a truck terminal on a 9-acre site near the Port of Palm Beach acquired around the first of the year. Then in February of 2022, Easton joint ventured with LBA Logistics to acquire a development site in Hialeah for $29.4 million. Easton is currently in the permitting phase for a two-building, 462,954 square-foot Class A industrial project. The Easton-LBA joint venture also owns and developed a neighboring 266,760-square-foot building which was pre-leased in the first quarter of 2022.
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