MIAMI, FL—As Miami's industrial market continues its hot streak, an affiliate of Easton Group is snapping up one of the few opportunities to acquire a brand new warehouse and distribution facility. The firm paid $21.846 million in cash for an 182,000-square-foot industrial asset in west Miami-Dade County.

Ridge Development sold the industrial facility EWE Airport North Logistics Center LLC. The warehouse-distribution center is a recently-built class A facility. Easton Group will handle leasing and management at the industrial property.

“I believe the Miami-Dade industrial market is in good equilibrium right now,” Edward W. Easton, founder and chairman of Easton Group, tells GlobeSt.com. “Rents are continuing to grow, but not at the pace we've seen over the past few years, and not to a point where you can justify the overbuilding of new warehouses. The amount of product available is meeting the current demand based on today's rents. We haven't yet seen the boom many had predicted from the expansion of the Panama Canal expansion, and the full impact remains to be seen.”