The Easton Group and LBA Logistics are partnering on their third South Florida real estate deal with acquisition of a 26.44-acre development site in Hialeah.
The joint venture paid $29.4 million for the land located 4220 West 91st Place. The transaction closed Friday, February 4.
Easton has submitted plans to the city to build two spec warehouse/distribution facilities totaling 462, 954 square feet. Each will have 36-foot clear heights. The site plan also calls for 124 trailer stalls and 407 parking spaces.
Construction on the new warehouse is expected to start towards the end of 2022 and take about a year to a year and a half to complete.
Easton and LBA are also partnering on a 266,760-square-foot warehouse development in neighboring Hialeah Gardens which should be delivered in the second quarter of 2022.
“Our most recent deal in Hialeah is an important piece to the puzzle for our partnership with LBA as we now control over 40 acres in this submarket,” said Dalton Easton, an associate with The Easton Group. “Our two developments will feature over 725,000 square feet of Class A product with 200 trailer stalls, 615 parking spaces and 36-foot clear heights.”
Easton is scheduled to deliver 393,910 square feet of industrial product to Miami-Dade County over the next six months. That includes the Hialeah Gardens development and another 127,150-square-foot warehouse under construction at International Corporate Park (ICP) in Doral.
“In my nearly 50 years of developing and investing in industrial real estate, this is one of the busiest cycles I have ever lived through,” said Edward W. Easton, founder and Chairman of The Easton Group. “Demand is as strong as I have ever seen it. With vacancies dropping and rents climbing, I do not see this upward trend slowing any time in the near future.”
In September, The Easton Group joint ventured with LBA to acquire a 105,365-square-foot warehouse in Doral at 9880 NW 25th Street. The California-based company has been making a push into Florida to take advantage of the growth taking place.