UPDATED, May 27, 10:45 a.m.: A company tied to the Easton Group bought an 8.4-acre property in Hialeah Gardens for $8.2 million.
Doral-based Easton Group bought the vacant land off the Florida Turnpike and Northwest 144th Street for $976,190 per acre, records show. A company tied to Ebsary Foundation Co., led by Richard Ebsary, sold the property.
Easton Group is planning to build a 266,000-square-foot warehouse on the property at Northwest 144th Street and an adjacent property, which will be used for e-commerce, according to Dalton Easton, who helped arrange the deal. The warehouse will start construction in the first quarter of 2021, according to Easton.
The land was last purchased for $3.8 million in 2016, records show.
Easton Group bought the adjacent property in September for $5.6 million, records show.
Easton Group was founded by Edward Easton in 1974. The firm handles commercial real estate sales, marketing, investment, brokerage, property management and development, according to its website. Its projects include International Corporate Park, a 300-acre master-planned business park west of Miami International Airport; and Seneca Commerce Center, a 48-acre master-planned office and industrial project in Broward County.
South Florida’s industrial market continues to remain one of its hottest asset classes. More developers are pushing west to Hialeah Gardens as land becomes scarce in the rest of Miami-Dade County. In October, Foundry Commercial purchased an 18-acre site in Hialeah Gardens, where it plans to build a 320,000-square-foot speculative industrial development.
The Hialeah Gardens and Medley submarket has 1.2 million square feet of warehouses under construction, according to Colliers International South Florida’s first quarter report. Warehouses in the submarket have a vacancy rate of 5.7 percent, according to the report.