The Easton Group hitched a vacant truck yard in Hollywood to the company’s growing industrial portfolio.
An affiliate of the Doral-based commercial real estate development and investment firm paid $14.3 million for the 5.85-acre outdoor industrial site at 3811 Pembroke Road, according to records. The property includes a 29,897-square-foot truck terminal building completed in 1971.
C.J. Easton and David Wilf, both acquisition principals with The Easton Group, sourced the deal, according to a press release. Walter Byrd with Transwestern represented the seller, an affiliate of Chicago-based industrial real estate firm Dayton Street Partners.
The Dayton affiliate paid $7 million for the property in 2020, records show. It was previously leased to the now defunct Central Freight Lines, the release states.
The Easton Group, a family-owned company led by founder and CEO Ed Easton, plans to make improvements to the truck yard and prepare the property for another tenant, the release states.
In a statement, C.J. Easton said The Easton Group is “very bullish on the industrial outdoor space,” noting its a niche sub-sector that “has become increasingly competitive over the last 12 months.”
In Riviera Beach, The Easton Group has submitted plans to the city for a truck terminal on a nearly 9-acre development site that the firm acquired in December, the press release states.
The Easton Group is also actively developing and buying industrial warehouses in Miami-Dade County. In February, the company and its partner LBA Logistics paid $29.4 million for a 26.4-acre property used as a truck yard in Hialeah. The joint venture submitted plans to the city of Hialeah to build two spec warehouses with a combined 462,954 square feet of space.
In neighboring Hialeah Gardens, The Easton Group is developing a 266,000-square-foot warehouse on an 8.4-acre site acquired for $8.2 million in 2020. And in the firm’s homebase of Doral, Easton also teamed up with LBA Logistics to purchase a 105,365-square-foot industrial building for $19.5 million in September.