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| Dalton Easton, |
The seller is the chips and snack maker
Frito Lay. Frito Lay
will remain as a tenant for the time being but is planning to relocate to a
larger facility in the near future. The transaction
closed Dec. 20, 2023.
Dalton
Easton, an associate with Easton & Associates,
the real estate firm’s brokerage division, arranged the sale on behalf of The
Easton Group. Jeff
Hartsook of Cresa represented the seller. Grove Bank and Trust helped
finance the acquisition with a $9 million loan.
The
Medley facility sits on a 6.5-acre site about a half mile from the Florida
Turnpike. Built in
1999, it has 44 dock doors and a ramp providing quick loading and turnaround
times for delivery truck drivers.
“We
are bullish on the Medley sub-market and are excited to continue to add
high-quality assets to our portfolio,” said Easton.
“We are especially excited about this
acquisition as we were faced with a year-end closing with a tight timeframe and
were able to deliver amidst a challenging interest rate environment.
 |
| Jeff Hartsook |
Easton
added that because this is a low-coverage property with excess land, there is a
unique opportunity for future tenants to occupy a Class A industrial facility
with additional improved land for parking or outdoor storage.
The
Easton Group has approximately 900,000 square feet of new industrial
development set to open in Miami-Dade, Broward and Palm Beach Counties in
2024.
Contact:
Todd
Templin
Executive Vice President
BoardroomPR
O 954-370-8999
C 954-290-0810
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