Flagler Station owner gets $75M loan

Wells Fargo Bank provides financing for more than 136 acres at the business park
By Eric Kalis | June 05, 2014 10:30AM

Flagler Station

Companies tied to Flagler Global Logistics obtained a $75 million loan secured by more than 136 acres at the Flagler Station business park, The Real Deal has learned.

Wells Fargo Bank N.A. provided 14 Flagler-managed companies with the financing in a transaction recorded on Wednesday, according to Miami-Dade County records. Six properties at South Florida’s largest business park were used as collateral. The largest parcel involved totals nearly 4.3 million square feet at Northwest 106th Street and Florida’s Turnpike in unincorporated Miami-Dade County.

Flagler Global announced the beginning of the third phase of Flagler Station’s construction last month. The latest phase is expected to bring another 1.7 million square feet of new industrial space to 98 acres at the park. Once completed, the Class A warehouse and distribution space will be available for sale or lease.

The company is close to finishing construction of the 269,918-square-foot Building 32 and 251,720-square-foot Building 34 at Flagler Station. The buildings are part of the park’s second phase and are preleased at 80 and 87 percent, respectively.