Frito-Lay Sells Miami-Dade Warehouse for $17M – Commercial Observer
Two months after signing a large industrial lease, Frito-Lay sold its warehouse in Miami-Dade County for $16.8 million, according to the buyer, The Easton Group.
Located at 12850 NW 113th Court in Medley, near US Highway 27, the 45,022-square-foot distribution facility has 44 dock doors and was completed in 1999.
The PepsiCo subsidiary will remain a tenant for now, but plans to relocate to a larger facility, per a representative for the buyer, who did not name the property. In October, though, the snack maker signed a 131,411-square-foot lease at Bridge Point Doral and will move in once the complex is completed in 2024.
It’s unclear when the manufacturer purchased the warehouse, which sits on 6.5 acres. Jeff Hartsook of Cresa represented the seller. Representatives for Frito Lay and Hartsook did not immediately respond to requests for comment.
Grove Bank provided a $9 million acquisition loan to The Easton Group, a Doral-based industrial and office investor.
“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,” said Dalton Easton, an associate with Easton & Associates, the real estate firm’s brokerage division.
The South Florida industrial market has remained active. Just this week, Zara’s billionaire founder, Amancio Ortega, purchased a 312,103-square-foot cold storage facility for $113 million. Earlier this month, Longpoint acquired a 25-building portfolio for $260 million, making it one of South Florida’s largest industrial sales this year.
Julia Echikson can be reached at [email protected].
