Easton Returns To Its South Florida Industrial Roots With Purchase Of The 25th Logistics Center In Doral
January 8, 2025
An affiliate of Easton, a family-owned company led by Ed Easton and based in Doral, has acquired the 25th Logistics Center, a 105,000-square-foot industrial property located at 9880 Northwest 25th Street, according to public records.
The buyer secured a $29.7 million loan from another Easton affiliate. This purchase is priced at $250 per square foot.
The seller, an affiliate of Easton and LBA Realty, based in Irvine, California, acquired the 5.3-acre site for $19.5 million in 2021. The building, completed in 1998, previously served as the headquarters for Badia Spices, a 57-year-old company known for producing and distributing spices, herbs, and condiments. In 2021, Badia Spices moved its operations to a new facility in Sweetwater, purchasing it for $44 million.
Easton, primarily focused on industrial real estate, has expanded into retail properties as well. In October, Easton and Miami-based Cayon Development Group purchased a Homestead shopping center, anchored by a Walmart Neighborhood Market, for $16.8 million. In the same month, Easton acquired two big-box stores at Miami International Mall in Sweetwater. The firm paid $17.1 million for a closed Sears store, with plans to redevelop the 13-acre site into a mixed-use development featuring 500 apartments. Additionally, Easton purchased a JCPenney store on a 10.3-acre parcel within the mall for $12.2 million, with the building remaining leased to the department store chain.
Doral continues to be one of South Florida’s most sought-after industrial submarkets. Recently, Bellevue, Washington-based Terreno Realty completed a $195.6 million purchase of a 23.4-acre industrial site in Doral, marking it as the third-largest warehouse transaction of 2024. Last month, San Francisco-based Prologis also acquired a Doral warehouse from Coral Gables-based Codina Partners for $57 million. This facility is part of Beacon Lakes, a 640-acre industrial park developed by Codina.
Source: The Real Deal