Easton Group has received a $ 24 million construction loan for a Hialeah Gardens warehouse for e-commerce, distribution or logistics tenants.
The Doral-based Easton Group, founded and led by Edward Easton, is already building the 266,000 square foot industrial project east of Florida’s Turnpike, according to a press release. The US bank, based in Minneapolis, Minnesota, is the lender.
The 16.8 acre site extends 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 tenants from the areas of sales, e-commerce and logistics, said a spokesman. Rental contracts 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.
Miami-Dade County’s industrial market has remained resilient even as other asset classes took a hit amid the pandemic. In the first quarter, 1 million square feet were rented to ecommerce users, according to JLL, which is half of the space rented to ecommerce tenants throughout 2020.
This has spurred Easton and industrial investors to develop or buy warehouses.
In Doral, Easton is building a 127,000-square-foot warehouse along Northwest 97th Avenue after receiving $ 12 million mortgage loan in March.
San Francisco-based Prologis is also entering the hot market and proposing to add two 164,435 square meters to its Beacon Lakes industrial park in northwest Miami-Dade County.