Pair Of Miami-Dade Warehouses Sold For $84 Million

A partnership between Doral-based Easton Group and Boston-based TA Realty has acquired two warehouses in Miami-Dade County in concurrent transactions totaling $84.49 million.

In the larger transaction, Hialeah Gardens Partners LLC, a joint venture between Irvine, California-based LBA Realty and Easton Group, sold the 267,601-square-foot Northwest Dade Logistics Center II at 10165 N.W. 142nd St. in Hialeah Gardens for $58.29 million. The buyer, ETA Partners II LLC, a partnership between Easton Group and TA Realty, assumed the seller’s $29.75 million mortgage from State Farm Mutual Automobile Insurance Co. The price translates to $218 per square foot. Built on a 16.8-acre site in 2022, the Hialeah Gardens warehouse was a recent development.

In a simultaneous deal, LBA Realty’s affiliate, 9880 NW 25 Street Property Owner LLC, sold the 93,860-square-foot Badia Distribution warehouse at 9880 N.W. 25th St. in Doral for $26.2 million to ETA Partners I LLC, another joint venture between Easton Group and TA Realty. This sale worked out to $279 per square foot. The Doral property had previously traded for $19.57 million in 2021, marking a significant gain. The warehouse, built on a 5.36-acre site in 2004, had appreciated in value.

Source: SFBJ