Easton Group and AMLA Logistics acquired a 26.4-acre site for industrial development in Hialeah, Florida for $29.4 million.
The construction site, at 4220 West 91st Placeis located near another 16.8-acre site at the southeast corner of Northwest 144th Street and 109th Avenue that Easton bought in April 2021, the South Florida Business Journal reported.
The buyers plan to build two specific distribution warehouses totaling 462,954 square feet, with clear heights of 36 feet. The facility is expected to have 124 trailer sites and 407 parking spaces.
The companies will begin construction in late 2022 with an expected completion time of 18 months.
DMG Propertieswhich is co-owned by Alvaro, Alisa and AJ de Moyaas good as Kevin Carmichaelwas the seller in the deal.
LBA Logistics and DMG Properties did not respond to requests for comment.
“Our most recent deal in Hialeah is an important piece of the puzzle of our partnership with LBA, as we now control over 40 acres in this submarket,” Dalton Eastonan associate of the Easton Group, said SFBJ. “Our two developments will feature over 725,000 square feet of Class A product, with 200 trailer spots, 615 parking spaces and 36-foot headroom clearances.”
Both sites are close to where the Florida Turnpike meets US 27. Hialeah Gardens Partners, an Eaton-affiliated group, secured a $24 million construction loan from American bank for the site purchased in April 2021.
Miller Construction will complete the 266,000 square foot distribution warehouse.
These acquisitions come as domestic industrial vacancies hit an all-time low in the fourth quarter of 2021, with the majority of growth seen in coastal markets, according to a recent report by Savills.
U.S. vacancy rates hit a record high of 4.4%, according to the report, and coastal markets saw average rent increases of up to 20% in some cities.
Although Hialeah may not have beachfront access, Marc Russohead of industrial research for Savills, said the demand for industrial space is largely driven by the explosion in e-commerce services since the onset of COVID-19 in March 2020.
Marc Hallum can be contacted at [email protected].