The Easton Group, LBA Logistics JV Picks Up Former Badia Spices Warehouse

The Easton Group has joint ventured with Irvine, California-based LBA Logistics to acquire a 105,365 square-foot warehouse in Doral for $19.5 million.

The transaction closed August 27.

The seller is Badia Spices which moved operations to a new location.  Dalton Easton of Easton & Associates, The Easton Group’s brokerage division, represented the joint venture.  Hani Jardack of Jardack Commercial Realty represented Badia.

The building is located at 9880 NW 25^th Street.  Built in 1998, it is equipped with air conditioning throughout, solar panels on the roof, 26-foot clear heights and 192 parking spots. Twelve-thousand square feet is dedicated to office space.

“We felt this acquisition was a tremendous value when you consider how high the replacement cost would be,” said Easton. “You can’t build something like this in a good location for anywhere near the price we paid because of escalating land values and construction costs.”

Doral remains one of the strongest industrial sub-markets in Miami-Dade driven mainly by its proximity to Miami International Airport and PortMiami. Over the past 12 months, industrial lease rates have increased by 11% and continue trending upward.

LBA is making a big push into Florida to take advantage of the growth taking place in the state.  This is the second joint venture with The Easton Group.  The two are partnering on a ground-up development of a 266,760-square-foot warehouse in Hialeah Gardens that is due to be delivered in the second quarter of 2022.

Easton will start marketing the property for a new single-user tenant and feels it is suitable for a variety of different uses.