Easton Group is back in the industrial game after a short retail spending spree in recent months, buying its partner’s interest in a Doral warehouse for $26 million.
An affiliate of Easton, a family-run firm led by Ed Easton that is based in Doral, is the new owner of 25th Logistics Center, a 105,000-square-foot industrial facility at 9880 Northwest 25th Street, records show. The buyer obtained a $29.7 million loan from another Easton affiliate.
The deal breaks down to $250 a square foot.
The seller, an affiliate of Easton and Irvine, California-based LBA Realty, paid $19.5 million for the 5.3-acre site in 2021, records show. The building was completed in 1998.
The warehouse was previously the headquarters for Badia Spices, a 57-year-old homegrown company that makes and distributes spices, herbs and condiments. In 2021, Badia acquired a new base of operations in Sweetwater for $44 million.
While primarily focused on industrial real estate, Easton has bought retail properties recently. In October, Easton and Miami-based Cayon Development Group acquired a Homestead shopping center anchored by a Walmart Neighborhood Market for $16.8 million.
The same month, Easton acquired two big box stores at Miami International Mall in Sweetwater. The firm paid $17.1 million for a shuttered Sears store with plans to redevelop the 13-acre site into a mixed-use project with 500 apartments.
Easton also purchased a JCPenny store on a 10.3-acre site at the mall for $12.2 million. The building will remain leased to the national department store chain.
Doral remains one of South Florida’s most attractive industrial submarkets for investors. Recently, Bellevue, Washington-based Terreno Realty dropped $195.6 million for a 23.4-acre industrial site in Doral — making it the third largest warehouse deal of 2024.
Also last month, San Francisco-based Prologis bought a Doral warehouse from an affiliate of Coral Gables-based Codina Partners for $57 million. The facility is within Beacon Lakes, a 640-acre industrial park master developed by Codina.