The Easton Group has joint ventured with Irvine, California-based LBA Logistics to acquire a 105,365 square-foot warehouse in Doral for $19.5 million.
The transaction closed August 27.
The seller is Badia Spices which moved operations to a new location. Dalton Easton of Easton & Associates, The Easton Group’s brokerage division, represented the joint venture. Hani Jardack of Jardack Commercial Realty represented Badia.
The building is located at 9880 NW 25th Street. Built in 1998, it is equipped with air conditioning throughout, solar panels on the roof, 26-foot clear heights and 192 parking spots. Twelve-thousand square feet is dedicated to office space.
“We felt this acquisition was a tremendous value when you consider how high the replacement cost would be,” said Easton. “You can’t build something like this in a good location for anywhere near the price we paid because of escalating land values and construction costs.”
Doral remains one of the strongest industrial sub-markets in Miami-Dade driven mainly by its proximity to Miami International Airport and PortMiami. Over the past 12 months, industrial lease rates have increased by 11% and continue trending upward.
LBA is making a big push into Florida to take advantage of the growth taking place in the state. This is the second joint venture with The Easton Group. The two are partnering on a ground-up development of a 266,760-square-foot warehouse in Hialeah Gardens that is due to be delivered in the second quarter of 2022.
Easton will start marketing the property for a new single-user tenant and feels it is suitable for a variety of different uses.