An affiliate of Doral-based Easton Group and Irvine, California-based LBA Logistics obtained a $61.1 million construction loan to build a pair of warehouses in Hialeah.
Principal Life Insurance Co. provided the mortgage to Hialeah Gardens Partner II Property Owner, an affiliate of Easton Group and LBA Logistics. It covers the 26.4-acre site at 4220 W. 91st Place.
The city previously approved the site for two spec distribution warehouses totaling 462,954 square feet. They will have 36-foot clear heights. The site would have 124 trailer stalls and 407 parking spaces.
Dalton Easton, an associate with Easton Group, said they will break ground on the warehouses in January, with Doral-based Link Construction Group as the general contractor. The first warehouse should be ready in the third quarter, with the second warehouse set to be completed in the fourth quarter.
“Leasing demand still seems pretty strong,” he said. “Vacancies are low and rents are going up.’