Easton Group sells Royal Palm Beach warehouse for $16M

The property sold for $179 psf

Ed Easton and 501 103rd Avenue North (Google Maps)
Ed Easton and 501 103rd Avenue North (Google Maps)

UPDATED, Aug. 5, 5:12 p.m.: The Easton Group sold a warehouse in Royal Palm Beach for $15.5 million, as demand for industrial properties remains high.

Doral-based Easton Group sold the 86,710-square-foot warehouse at 501 103rd Avenue North to Boston-based Cabot Properties for $179 per square foot, records show. Among the tenants is the energy drink maker Red Bull and Fun Sweets LLC.

Cushman & Wakefield brokered the deal, as well as a 51,640-square-foot lease to Fun Sweets, which was contingent on the sale, and Red Bull’s 34,560-square-foot lease. Cushman’s Rick Etner, Christopher Thomson, Chris Metzger and Matthew G. McAllister represented Easton in the sale.

Easton Group acquired the warehouse for $9.6 million in March 2015, records show. The warehouse was built in 2014.

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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.

Cabot Properties, an international private equity firm that has invested over $10 billion in industrial real estate, has been an active player in South Florida’s industrial market.

In November 2018, Cabot purchased three fully leased warehouses in central Palm Beach County for $25.8 million. In March 2019, Cabot bought two warehouses in Weston totaling 438,331 square feet for $63 million.