The Easton Group, Stonemont, Cerberus Partner To Acquire Riviera Industrial Site
The Easton Group, in partnership with Stonemont Financial and Cerberus Capital Management, has acquired an 8.97-acre industrial site in Riviera Beach for $6.5 million.
Easton has submitted plans with the city to build a logistics-oriented facility that is compatible with the area around Dr. Martin Luther King, Jr. Blvd., an FDOT designated SIS roadway connector with proximity to the Port of Palm Beach and I-95.
C.J. Easton and David Wilf, both acquisition principals with The Easton Group, sourced the deal on behalf of the joint venture partnership. The seller, Jimmy Ho of MLK RIVIERA LLC, was represented by Robert Smith of CBRE.
The property is located at 1463-1481 Dr. Martin Luther King, Jr. Blvd. near a new Amazon delivery station and existing FedEx Freight and TFI (formerly UPS Freight) locations.
“The South Florida industrial real estate market continues to flourish making it challenging to find well- positioned sites for new construction,” said C.J. Easton. “In Riviera Beach, we have an opportunity to work with the innovative City and County officials to deliver a first-class facility, which will attract a strong tenant and bring jobs to the City of Riviera Beach.”
Easton and Wilf joined The Easton Group earlier this year to focus on expanding markets and niche investment strategies including Industrial Outdoor Storage (IOS).
In early November 2021, the pair sourced its first deal with the same group of partners, a 10-acre industrial site currently occupied by a masonry business in Sanford.
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