EastGroup buys $48 million of Miami land for warehouses
· Land purchase announced October 21, 2026; buildings planned, not under construction
Miami’s growth is not only condos and offices: EastGroup Properties, a company that builds and owns warehouses and distribution space, says it paid about $48 million for 24.9 acres in Miami, enough for two future buildings totaling about 371,000 square feet.
The headline
Land first, buildings later
EastGroup Properties announced on October 21, 2026 that in October it acquired 24.9 acres of development land in Miami for approximately $48 million. The company expects the site to accommodate two buildings with about 371,000 square feet in total.
The purchase is complete, according to EastGroup. The buildings are not: the company has not announced an address, a construction start, tenants or an opening date.
Industrial buildings like these are where goods are stored, sorted and shipped before they reach stores, restaurants and homes, the space that keeps everyday business moving.
- Buyer
- EastGroup Properties, a developer and owner of industrial buildings
- Land
- 24.9 acres in Miami
- Price
- About $48 million, according to EastGroup
- Planned
- Two buildings, about 371,000 sq ft in total, for storage, distribution and other business use
- Announced
- October 21, 2026 (purchase made in October 2026)
- Status
- Land acquired; buildings planned, not under construction
Why it matters · Our view
Miami’s next chapter also depends on the space that moves goods and supports businesses. Money is being committed to land before the buildings exist, a sign of confidence in demand for warehouse and distribution space here.
Still to be confirmed
The exact location; construction start and timeline; tenants; any jobs. None of these has been announced. Property records reported by The Real Deal show a $25.7 million sale on October 21 of a 24.9-acre industrial site on West Okeechobee Road to an EastGroup affiliate; EastGroup has not said whether that is this purchase or explained the difference with its $48 million figure.
Sources
- EastGroup Properties, third-quarter 2026 results, October 21, 2026 (opens in a new tab) (land purchase, price, planned buildings)
- SEC filing, October 21, 2026 (opens in a new tab) (company disclosure)
- EastGroup Properties — about the company (opens in a new tab)
Want to know more?
Ask Cathy Mai Phung, founder and editor-in-chief of Miami Reimagined and Miami real estate advisor.