A rendering of a 266,000-square-foot warehouse and distribution facility The Easton Group plans to building in Hialeah Gardens.

A 266,000-square-foot warehouse is to be built in Hialeah Gardens after a prolific Doral-based real estate company scooped up the final piece of a land assemblage for $8.2 million.

Easton Group affiliate EEB Land 1 LLC bought 8.5 acres on the northwest corner of Northwest 107th Avenue and 142nd Street from Seagull Development Holdings LLC, an affiliate of Miami-based marine and foundation builder Ebsary Foundation Co., on May 20 for just under $1 million per acre.

The purchase completes Easton's land assemblage for its planned 266,000-square-foot Class A warehouse and distribution facility. The building will have 32-foot ceiling heights and 75 trailer parking spots.

Easton through affiliate EEBB Apartment II Ltd. bought the 8.5-acre lot immediately to the north for $5.6 million from TEBA Development II LLC.

TEBA Development lists the same address as Great Properties International Realty — Key Biscayne in deed and state Division of Corporations records.

The site is well-positioned for industrial development about a mile from Okeechobee Road, 1.5 miles to Florida's Turnpike and five miles to an Interstate 75 interchange.

The transaction comes after a hiatus in the industrial transactions during the economic slowdown caused by the coronavirus pandemic.

"While there has been some slowdown in industrial real estate deals due to the pandemic, we are bullish on the market in the near future and going forward," Dalton Easton, an associate with Easton's brokerage division, who represented the buyer, said in a news release.

Before the widespread coronavirus-caused closures, the industrial sector was among South Florida's strongest asset classes. propelled by high demand and limited supply. Miami-Dade County has a shortage of developable land that's big enough for industrial projects and near major highways, allowing landlords to push up rents.

"There are only a few good development sites left in Miami-Dade at the right price, and we think we found one. It should be ideal for an e-commerce company or distributor that wants to relocate or requires additional space," Easton said.

The Easton Group is run by three generations of Eastons. Edward W. Easton started the company in 1974, and his son Eddie is senior vice president in charge of investments. Grandson Dalton sourced the latest deal and related Hialeah Gardens transactions last September.

Easton Group focuses on industrial, office and retail properties primarily in Miami-Dade and Broward counties, although it also has experience in Texas, New Jersey, North Carolina, Ohio, Alabama and Colorado, according to its website. Its portfolio includes more than 3 million square feet of real estate.

The Easton Group focuses on development, brokerage and property management through its three divisions: Easton Development Co., Easton & Associates Management Co. and Easton & Associates.

The Hialeah Gardens deal was Dalton Easton's most significant since he became a commercial real estate agent in 2017. In a news release, he credited the mentorship of his father and grandfather.

"My dad and grandfather have prepared me well for executing deals like these Hialeah Gardens transactions," he said.

Warehouse construction will start early next year, and leasing is to begin sooner than that.

Read more: 

Some Win, Some Lose: Disparate Impact on Industrial Properties From Coronavirus