E
d Easton doesn't see himself retiring from South Florida's real estate game anytime soon. His Doral-based commercial real estate firm, Easton Group, is thriving in its 50th year, with his adult kids, nephews, and grandchildren all involved in keeping the company competitive against multibillion-dollar national conglomerates.
Easton Group has made significant investments in various sectors, including industrial, multifamily, office, and retail. Recently, they acquired a former Sears store and a current JCPenney's store at Miami International Mall in Doral for $19.2 million, planning to redevelop the ex-Sears building into a mixed-use project with up to 500 apartments.
Easton has carved a name for himself in the industrial sector, particularly in Airport West, a thriving submarket in Miami-Dade County. He was among the first developers to build industrial facilities there in 1993. Despite larger real estate firms entering the market, Easton Group continues to compete successfully.
In an interview with The Real Deal, Easton discussed the evolution of South Florida's industrial market over the past half century. He noted that costs have increased significantly, from $7.68 a square foot to build his first warehouse in 1968 to over $300 a square foot today. However, rents have also risen dramatically, from 50-60 cents a square foot to around $20 a square foot.
Easton attributed the growth of Miami-Dade's industrial market to population expansion and the county's strong airport, seaport, and international trade facilities. He was among the first developers to build in Airport West, Doral, and other submarkets, recognizing the potential for warehouses as a valuable asset class.
As a long-term holder and family-run company, Easton Group has an advantage in the market. They have built over 1.1 million square feet of new development in the last two years but are currently focusing on acquiring existing sites rather than building new ones due to high land and construction costs.
Easton emphasized that his company looks for practical real estate with good economics, adding value through under-rented properties or taking on risk. They compete against larger companies like Longpoint, Prologis, and Link Logistics by offering lower rents, faster decision-making, and a family-oriented approach to business.
Looking ahead, Easton predicts steady rent growth as demand continues to exceed construction. He doesn't see prices falling out of bed but believes the market will stabilize in the foreseeable future.
As for his personal routine, Easton is an early riser who starts his day with exercise and mass before working for several hours straight. He enjoys spending time with family, including his grandkids, and finds it "fun" to be available 24/7 as part of running a successful business.
