The Easton Group Acquires 45,022 Square-Foot Medley, FL Distribution Center from Frito Lay

Dalton Easton,

 Doral, FL and Medley, FL—The Easton Group has acquired a 45,022-square-foot warehouse distribution facility at 12850 NW 113^th Court in Medley for $16.82 million.  

 

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 

 "We think there is tremendous long-term upside at this basis with the temporary stabilization or regression in land values due to high borrowing and construction costs.”

 

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

www.theeastongroup.com

 

 

JLL Capital Markets arranges the first $15 million lien construction financing for the 87-unit 6100 Main in Los Angeles, CA

Allie Black.

IRVINE, CA – JLL Capital Markets has arranged the first $15.45 million lien construction financing for 6100 Main, an 87-unit, multi-housing community located in Los Angeles, California.

 

JLL worked on behalf of the borrower, SoLa Impact, to secure the construction loan with a regional bank.

 

The JLL Capital Markets Debt Advisory team was led by Senior Managing Director Greg Brown, Director Charlie Vorsheck, Director Kellan Liem and Analyst Allie Black.

Greg Brown

“We are extremely pleased to have sourced a new lender relationship for our client that could finance a modular construction loan in the current banking environment. More importantly, we are thrilled to contribute to SoLa’s goal of providing high quality affordable housing in low-income communities,” said Brown.

 

Located within a Qualified Opportunity Zone, the project is designed as a four-story podium that will utilize modular unit construction.

 

The community will be developed on a 0.52-acre site, and upon completion, it will consist of 87 one-bedroom units with stainless steel appliances, well-appointed kitchens, engineered wood floors and soft-close cabinets. Community amenities will include a community room, a spacious roof deck, a ground-floor garage and secure bicycle parking.

 

Charlie Vorsheck

Situated at 6100 S. Main Street, the project’s central location at the southeast corner of S. Main Street and 61st Street in the Greater Inglewood submarket of Los Angeles offers residents direct access to the Interstate-110 ramps and three bus lines that stop at the corner of S Main Street and 61st Street, directly in front of the community.

 

 Several grocery stores are within a 10-minute walk from the site, including Food4Less, Northgate Market and Superior Grocers.

 

Future residents will also be just a 15-minute drive to both LAX and downtown LA. Additionally, nearby developments include the brand new LAFC soccer stadium, the future George Lucas Museum of Narrative Arts at Exposition Park, the USC Village and the renovation of the Los Angeles Memorial Coliseum.

Kellan Liem

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

 

 The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

Contact:

Alli Stent (Semans)

PR, Hotels & Hospitality, Capital Markets

JLL
M +1 330 329 6750