A property at Flagler Station
Flagler has sold its Flagler Station industrial portfolio, which comprises 33 assets, to AEW, the two sides announced Thursday. “Given the performance of Miami’s industrial market over the last 12 months, we were certain that a Class-A portfolio with such critical mass would garner serious interest from institutional investors,” said Vincent Signorello, president of Flagler. [more]
From left: Flagler Station in Miami, Beacon Court in Boca Raton and the Doral Concourse
TPG Capital is in contract to purchase Flager Development’s entire 12 million-square-foot portfolio of developed assets, the South Florida Business Journal reported.
The portfolio includes industrial and office space throughout Florida, especially in the Northeast, and is expected to be worth more than $1 billion. While the sale has yet to be finalized, TPG has already tapped CBRE Group to market Flagler Station in Miami. [more]
Flagler has named Manuel Fernandez the firm’s executive vice president of logistics operations. Fernandez will spearhead the development of the firm’s South Florida Logistics Center, a 400-acre logistics complex adjacent to the Miami International Airport at the Hialeah Rail Yard Site. Fernandez has previously been an executive at several logistics companies, including DHL Express and CSX, most recently serving as senior vice president with International Container Terminal Services, where he was based in Dubai. Flagler owns approximately 6 million square feet of Class A industrial space. — Alexander Britell [more]
Flagler has reported a strong first half of the year, according to the Florida Real Estate Journal, with approximately 1.1 million square feet leased at its Flagler Station property. Stuart Gordon, Flagler’s senior director of leasing, told the Journal that almost 60 percent of this year’s activity at the business park has been for new lease signings, two of which were the largest leases signed in the region, including a 125,482-square-foot industrial lease with cosmetics firm Betty Dain Creations, and a 123,448-square-foot industrial lease with logistics provider Crowley. The Class A office park is currently home to Brightstar, Ryder System, State Farm, Progressive, Gainsco and FedEx. [FREJ]
Florida real estate company Flagler has hired longtime political hand Adam Hollingsworth to head its growing right-of-way division, which recently began offering third-party services to help state and local transportation departments and independent railroad industry clients realize greater value from underutilized real estate holdings, the company announced today.
“Adam is unique in that he has an intimate knowledge of the railroad industry, and also understands the fiscal challenges of states and municipalities throughout the country,” said Flagler President Vincent Signorello. — Katherine Clarke [more]
The Real Deal checked out new office tower 1450 Brickell, the site of the Commercial Industrial Association of South Florida’s Office Market Report presentation last Friday (see photos by Amy Ramirez above). Guests included Richard Schuchts of Jones Lang LaSalle and Tom Dixon of Dixon Commercial Real Estate. Alan Ojeda, developer of 1450 Brickell, and Tere Blanca, president of Blanca Commercial Real Estate were on a panel with Elizabeth Santos of CB Richard Ellis and Jack Lowell, senior managing director at Flagler Real Estate Services. – Alexander Britell
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Jose Hevia has left his role as president and CEO of commercial real estate giant Flagler and has been replaced by COO and acting CFO Vince Signorello in a move that came as a surprise to some staffers. According to the South Florida Business Journal, Hevia, who had been with the company for more than two decades, gave no reason for his departure Friday, sending an email to employees only informing them of the change in leadership. Signorello, who had been recently promoted to COO and acting CFO, is now president of Flagler, according to his company voice mail. [more]
Coral Gables-based Flagler’s $1 million renovation project at the Bridgeport Center in Tampa is nearly complete, the company said today. The nine-story office building, which houses Delta Air Lines and FMQAI, among other tenants, has already seen its elevators replaced, HVAC systems upgraded and landscaping redone. Flagler, which purchased the building in 2008 from AEW Capital Management, is now renovating the lobby and putting in new ceilings, lighting and flooring as the last phase of its three-year project. The building is 85 percent occupied, and 30,000 square feet are currently on the leasing market. TRD
Miami’s Airport West submarket is leading the way for a strengthening Miami-Dade County industrial market, bolstered by last week’s signing of an 180,000-square-foot lease at AMB Property’s Blue Lagoon Business Park by package forwarding company Aeropost. The $10 million deal marks the largest industrial lease in South Florida so far this year. “That type of deal really helps tighten up the market with available space,” said Flagler Real Estate Service’s George Pino, who brokered the deal on behalf of owner AMB Property. “It was positive absorption for the market, and we really needed that.” [more]
Flagler Real Estate Services announced that Nippon Express, a global logistics solutions provider, had signed a new 34,337-square-foot lease at the Airport Business Center Park in the Airport West submarket. The landlord, AMB Property, was represented by Flagler’s George Pino, with Steve Medwin of Jones Lang LaSalle representing Nippon. Airport Business Center is located at 3409 NW 72nd Avenue. Nippon will be relocating its entire Miami operations to the park. TRD
