Commercial real estate firm continues push to grow portfolio of Industrial Outdoor Storage (IOS) assets in Florida
The Easton Group has added another property to its growing portfolio of Industrial Outdoor Storage (IOS) assets. On April 4th, the commercial real estate firm acquired a vacant 29,897 square-foot truck terminal in Hollywood, Florida for $14.35 million.
The building sits on a 5.85-acre site at 3811 Pembroke Road near the I-95 interchange with easy access to the Fort Lauderdale-Hollywood International Airport and Port Everglades.
C.J. Easton and David Wilf, both acquisition principals with The Easton Group, sourced the deal. The pair joined the company together in 2021 to focus on buying industrial properties that cater to growth segments including outdoor storage.
The seller, Dayton Street Partners, represented by Walter Byrd of Transwestern in the transaction, previously leased the property to the now defunct Central Freight Lines.
Easton said it plans to make improvements to the property to prepare it for another tenant.
“We are very bullish on the IOS space, and we continue to seek out more opportunities in the sub-sector,” said Easton. “With the unquenchable demand for industrial space and dwindling supply available, this niche product category is coming into its own. IOS has become increasingly more competitive over the last 12 months as more and more participants enter the market, particularly in South Florida.”
In November, The Easton Group and two institutional partners bought a 10-acre masonry yard in Sanford, Florida. In December, the investors acquired an 8.97-acre industrial development site in Riviera Beach with plans submitted to build a truck terminal. The team plans to continue acquisition efforts to add to the ever-growing IOS strategy.
About The Easton Group:
The Easton Group is a family-owned commercial real estate firm with three generations of Eastons working in the business. Based at International Corporate Park in Doral, The Easton Group is vertically integrated with investment, development, brokerage and property management services primarily focused on the office/industrial markets. Chairman Edward W. Easton founded the company nearly 50 years ago, and today it controls a portfolio of approximately five-million square feet in Miami-Dade County. For more information log on to www.theeastongroup.com.
