EastGroup Properties has acquired 24.9 acres of development land in northwest Miami-Dade where it expects to build two warehouses totaling about 371,000 square feet, according to the company's third-quarter results released October 21.
EastGroup Properties has acquired 24.9 acres of development land in northwest Miami-Dade where it expects to build two warehouses totaling about 371,000 square feet, according to the company’s third-quarter results released October 21. EastGroup put the price at about $48 million. A deal record published by Traded describes a matching 24.9-acre site at the northeast corner of West Okeechobee Road in Hialeah Gardens, sold October 21 for $25.7 million, with plans filed for two warehouses totaling 371,460 square feet. The two figures have not been reconciled publicly, so neither should be used as a land comparable until the recorded deed is available.
EastGroup develops multi-tenant buildings for mid-size users, and buying land now means it expects demand to support new space in the years ahead. No construction start, final approvals or delivery date have been announced. For tenants, that means this project will not solve a near-term space need. For owners of existing buildings in the Hialeah, Medley and Hialeah Gardens area, it is a signal of competing supply to come once construction starts.
The company’s results also show the pricing power behind these bets. Across EastGroup’s national portfolio, rents on new and renewal leases signed in the third quarter rose about 36% over the leases they replaced, and the operating portfolio was 97.3% leased. Earlier this year, EastGroup sold a separate 6.9-acre parcel in Miami for $14.25 million.
In Hialeah, Michael Elbaz bought a 36,263-square-foot industrial building at 7620 West 2nd Court from Ben Singfer for $7.7 million, about $212 per square foot, closing October 21, according to Traded. Juan Moscoso, Pablo Vignolo and Raul Pino of The Hype Real Estate Group were involved in the sale. The building’s condition, loading and tenancy at closing have not been published, so confirm those details before using it to price a nearby property. Still, it is a useful reference point for mid-size buildings in one of the county’s most active small-industrial submarkets.
If you need space in the next year or two, focus on existing buildings and confirmed construction schedules, not land that has just been bought. If you own an older building in northwest Miami-Dade, today’s pricing is strong, and future competition from new product is still a few years out. If you are weighing a sale, recent trades like Hialeah’s give you a basis for a conversation, adjusted for your building’s specifics.
AXCESS Commercial represents owners and tenants across northwest Miami-Dade, from leasing space to listing buildings for sale and managing industrial properties.
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