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| Michael Waite |
DORAL,
FL, May 12, 2014 — The Easton Group, a full-service commercial real estate firm
based in Doral, Fla., arranged the sale of a 77,000 sq. ft. industrial building
in the Airport West sub-market of Miami-Dade County.
Prologis
LP purchased the property from Gold Coast Beverage Distributors for $4.733 million. Easton’s Michael Waite along with Jim
Armstrong represented both parties in the transaction.
Gold Coast moved its business operations to a
new location approximately five years ago, but retained ownership of the
building and leased it out to USA Tile & Marble. Waite and Armstrong also
represented the tenant in that lease transaction.
“Considering that Gold Coast was settled in a
new location, we figured they would entertain the idea of selling their
building, so we approached them about it and they were interested,” said Waite.
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| Jim Armstrong |
“We then identified an institutional investor
that owns several other industrial properties in the area to see if they were
interested in buying and they were. We
got a little creative and it turned out to be a win-win for both parties.
“The
challenge in the Miami industrial market is locating the deals that make sense
as the capital is eagerly waiting on the sidelines to be placed.”
The building is located at 7007 NW 30th
Street in Miami.
For a complete copy of the company’s news release, please
contact:
Todd
Templin
Boardroom
Communications
954-370-8999/
954-290-0810
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