The Easton Group scored a $24 million construction loan for a Hialeah Gardens spec warehouse, aiming for e-commerce, distribution or logistics tenants.
Doral-based Easton Group, founded and led by Edward Easton, already is building the 266,000-square-foot industrial project east of Florida’s Turnpike, according to a release. Minneapolis, Minnesota-based U.S. Bank is the lender.
The 16.8-acre site runs from Northwest 144th Street south to 142nd Street and from 107th Avenue west to 109th Avenue.
The developer is currently in talks with several potential distribution, e-commerce and logistics tenants, a spokesperson said. Leases have not yet been signed.
Easton Group bought part of the property in September 2019 for $5.6 million, and the remainder in May 2020 for $8.2 million.
The Miami-Dade County industrial market has remained robust, even as other asset classes took a hit amid the pandemic. In the first quarter, 1 million square feet was leased to e-commerce users, representing half of the space leased to e-commerce tenants in all of 2020, according to JLL.
This has prompted Easton and industrial investors to develop or buy warehouses.
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In Doral, Easton is building a 127,000-square-foot spec warehouse along Northwest 97th Avenue, after scoring a $12 million construction financing in March.
San Francisco-based Prologis also is getting in on the hot market, with a proposal to add two 164,435-square-foot buildings to its Beacon Lakes industrial park in northwest Miami-Dade County.