The Real Deal Miami

Industrial property near Miami airport sells for $209M

J.P. Morgan arm snags 200-acre South Florida Logistic Center from Florida East Coast Industries

October 15, 2016 09:20AM

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South Florida Logistics Center

Florida East Coast Industries (FECI) sold South Florida Logistics Center, a 200-acre industrial development near Miami International Airport, for $209 million.

The property includes five industrial buildings with a total of 867,343 square feet. The five buildings, including one that leases, have been completed since 2013. They range in size from 112,562 square feet to 274,844 square feet. In addition to Amazon, the tenants include Flying Food Group, Goodyear and Seafrigo.

FECI and its subsidiary Flagler Global Logistics sold the property to an entity of J.P. Morgan Asset Management, which manages pension funds.

The South Florida Business Journal also reported that FECI agreed in writing with J.P. Morgan Asset Management to sell additional buildings at South Florida Logistics Center when they are completed.

FECI began construction of a sixth industrial building at South Florida Logistics Center measuring 162,088 square feet in August, and the company plans to construct three more buildings at the 200-acre development, located at 3200 Northwest 67 Avenue in Miami.

FECI and its All Aboard Florida subsidiary are developing the Brightline passenger train service between Miami, Fort Lauderdale and West Palm Beach, which is expected to start operating next year. [South Florida Business Journal] Mike Seemuth