Now that the details of AEW Capital’s $340 million purchase of Flagler Station are out, industry insiders are beginning to ask what will become of the 150 undeveloped acres adjacent to the 4.2 million developed square feet that comprise the business park, GlobeSt.com reported.
Under the terms of the transaction, Flagler retianed ownership of the undeveloped land (in addition to holding on to leasing manager responsibilities). It wouldn’t comment on the fate of the land, but GlobeSt.com said it could be an extremely valuable asset when planned improvements to nearby PortMiami and the Panama Canal are completed.
In anticipation of the increased activity from those projects, business will begin to seek space it can lock in for the long term in the area. If Flagler began construction now, GlobeSt.com speculated, the timing could be perfect. [GlobeSt]