Easton and LBA Nab $61M Construction Loan for Hialeah Warehouses

reprints


The Easton Group and LBA Logistics secured a $61.1 million construction loan for an industrial complex in Hialeah, Fla., property records show.

The loan from Principal Life Insurance Co. will go towards building two spec distribution warehouses totaling 462,954 square feet. The facility is expected to have 36-foot clear heights, 124 trailer stalls and 407 parking spaces. 

SEE ALSO: How Pre-Secured Financing Yields Opportunities In Illiquid Market

Construction has yet to commence, and is expected to take about 18 months from the start date. Representatives for Easton and LBA did not immediately respond to a request for comment.

The joint venture paid $29.4 million in February for the 26.4-acre site at 4220 West 91st Place, located by the western edge of Miami-Dade County, between Ronald Reagan Turnpike and Okeechobee Road. 

The development will add to Easton Group’s footprint in the area. The Miami-based developer has a 266,000-square-foot distribution warehouse under construction across the street after assembling the 16.8-acre parcel at the southeast corner of Northwest 144th Street and 109th Avenue between 2019 and 2020, paying $13.8 million in total. 

This is LBA’s second industrial transaction in South Florida this month. Just last week, the firm, which is an affiliate of Irvine, Calif.-based LBA Realty, paid $198 million for Dolphin Commerce Center, a 700,000-square-foot complex, from an affiliate of Principal Life Insurance. 

Julia Echikson can be reached at jechikson@commercialobserver.com.