EastGroup Properties picked up 61 acres of land in Miami Gardens with plans to develop an industrial park on the site.
Records show Calder Race Course Inc., an affiliate of Churchill Downs Inc., sold land next to the Calder Casino and Race Course to EastGroup Properties for $26.5 million, which breaks down to about $434,000 per acre.
The publicly traded real estate investment trust plans to develop the site into an 850,000-square-foot industrial park, which would front the Florida Turnpike.
The land was part of the 232-acre Calder Casino and Race Course at 21001 Northwest 27th Avenue, which Churchill Downs still owns. Churchill Downs purchased the racetrack in 1999 and added the casino in 2010, according to its website. It’s also near the Hard Rock Stadium.
Earlier this year, EastGroup applied to the city of Miami Gardens to build a multi-tenant complex of distribution warehouses and a commerce center.
The Jackson, Mississippi-based REIT has about 36.6 million square feet of industrial space in its portfolio, including development projects in lease-up and under construction, according to its website. In Miami-Dade, that includes the Executive Airport Distribution Center in Fort Lauderdale and the Sample 95 Business Park in Pompano Beach.
EastGroup said it also just acquired the Weston Commerce Park for $14 million.
Source: The Real Deal