As Miami’s industrial market continues its hot streak, an affiliate of Easton Group is snapping up one of the few opportunities to acquire a brand new warehouse and distribution facility. The firm paid $21.846 million in cash for an 182,000-square-foot industrial asset in west Miami-Dade County.
Ridge Development sold the industrial facility EWE Airport North Logistics Center LLC. The warehouse-distribution center is a recently-built class A facility. Easton Group will handle leasing and management at the industrial property.
“I believe the Miami-Dade industrial market is in good equilibrium right now,” Edward W. Easton, founder and chairman of Easton Group, tells GlobeSt.com. “Rents are continuing to grow, but not at the pace we’ve seen over the past few years, and not to a point where you can justify the overbuilding of new warehouses. The amount of product available is meeting the current demand based on today’s rents. We haven’t yet seen the boom many had predicted from the expansion of the Panama Canal expansion, and the full impact remains to be seen.”
The distribution facility is located on 10 acres at the corner of 87th Avenue and 90th Street. That’s west of the Palmetto Expressway with easy access to Miami International Airport and Port Miami.
“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,” says Easton. We still see huge tenant demand for new construction in desirable locations like this one.”
Source: GlobeSt.
Larry W. Genet is a Senior Vice President in the CBRE, Inc. Miami, FL office. As part of the CBRE platform Mr. Genet can provide a wide range of services from local to Fortune 1000 clients including agency and tenant representation, asset or portfolio management, high level logistics, labor and data analytics prior to site selection, project/construction management, capital markets, owner user sales and valuation advisory services. CBRE is the global leader for real estate services worldwide.
Larry has extensive experience in landlord agency, tenant representation, acquisitions, dispositions and property management. As a third-generation commercial real estate professional and South Florida native, Larry boasts deep community ties, an intimate knowledge of the South Florida market and numerous professional contacts. Larry’s leasing expertise of industrial, office, land, retail and medical properties coupled with his experience in acquisitions and dispositions gives him the ability to represent a myriad of clients in the South Florida market. Additionally, Larry controls a portfolio of 13.5 million square feet allowing him to see every deal in the market. This ensures his clients never miss an opportunity. His knowledge of tenants and buyers in the market is top notch and when coupled with his team's vast portfolio, it's a winning combination.
