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| Tom Kimen |
Doral, FL— Easton & Associates, the commercial real
estate brokerage division of The Easton Group, has completed its third lease in
90 days at a 485,000 square foot warehouse/distribution center in east Hialeah,
just six blocks north of Miami International Airport.
Most recently, Easton’s Tom Kimen and David Olalde
arranged for Permasteelisa North American Corp., a global construction-related
business, to lease 80, 201 square feet at the facility, a former Winn Dixie
food distribution center built in 1960.
Previously, Easton leased 70,000 square feet to Alsina
Forms, a manufacturer of formwork systems, and 30,000 square feet to Dupuy, a
global logistics and storage business.
Last
year, an investor from the Midwest purchased the 20-acre site with plans to
redevelop the older, outdated building with a state-of-the-art industrial
facility, but the brokerage team convinced him to go in a different
direction.
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| David Olalde |
“Although this is a prime location near the airport and
seaport, we successfully advised the owner not to move forward with his plans
for a new facility, because we didn’t believe the market would support the
rents that would be needed to justify new construction,” said Olalde. “The
market is oversaturated with new product at the moment.”
Instead, Olalde said, the owner agreed to invest money into
rehabilitating the facility and lease it out at more attractive rates.
“The strategy was successful with this facility because we
are able to offer $5 a foot gross rent when the rest of the market is $7 a foot
or more. Since the market is void of
larger space at a discount right now, this strategy turned out to be a home
run.”
“This is a great example of the value we bring to a client,”
said Jose Hernandez-Solaun, president of The Easton Group. “Because of
our knowledge and experience, we were able to advise an out-of-town real estate
investor on the most effective way to generate cash flow on his asset.
“Once all of the
demand catches up with the available supply, it will make sense to build
something new on the site.”
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| Jose Hernandez-Solaun |
For now, Easton is working on leasing the remaining 155,000
square foot of industrial space available in the building, but expects to have
a tenant signed up soon.
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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