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Affiliate Of The Easton Group Buys Newly Constructed Warehouse For $21.8 Million

An affiliate of The Easton Group, an established commercial real estate firm based in Doral,  has acquired a new, 182, 000-square-foot warehouse/distribution facility in west Miami-Dade County.

EWE Airport North Logistics Center, LLC paid $21.846 million in cash to the seller, Ridge Development, the industrial property arm of Transwestern Development Co., which recently built the Class A facility.

The Easton Group, which is handling leasing and management, is currently talking with potential tenants and expects to make announcements soon.

“This was an opportunity to add a quality asset to our portfolio at a time when industrial real estate continues to fire on all cylinders,” said Edward W. Easton, founder and chairman of The Easton Group. “We still see huge tenant demand for new construction in desirable locations like this one.  As a result, we believe we can secure top-of-the-market rental rates with some room to grow.”

The distribution facility is located on 10 acres at the corner of 87th Avenue and 90th Street west of the Palmetto Expressway with easy access to Miami International Airport and Port Miami.

Ridge Development purchased the 9.75-acre site at 9001, 9051 and 9101 N.W. 87th Ave for $5.3 million in July.

 

Source: CRE-sources