The Real Deal Miami

FECI sells new building near MIA to JPMorgan asset manager for $24M

FECI, Flagler Global are building three more buildings to sell to the asset manager
By Katherine Kallergis | December 14, 2016 01:30PM

Building 6. Inset: Vincent Signorello, president and CEO of Florida East Coast Industries

Florida East Coast Industries and its subsidiary Flagler Global Logistics sold a new industrial property near Miami International Airport to an entity of J.P. Morgan Asset Management, which manages pension funds.

Records show the FECI affiliate, SFLC Building 6 LLC, sold the 162,088-square-foot building at 3200 Northwest 67th Avenue #6 to SFLC Industrial Owner 6 LLC for $24.43 million, or about $151 per square foot.

In October, FECI sold five buildings at the South Florida Logistics Center, a 200-acre industrial development, for a combined $209 million.

FECI broke ground on the sixth building, which just sold, in August. It also plans to build three more buildings at the park and then sell them to JPMorgan Asset Managment once completed.

Building 6 features spaces as small as 8,395 square feet with asking rents at $8.94 per square foot, triple net, according to marketing materials. It has 32-foot clear ceiling heights, 154-foot building depth, a 60-foot speed bay, 60-foot concrete apron, and a 120-foot private truck court.

The buildings sold in October totaled 867,343 square feet and are leased to Amazon, the Flying Food Group, Goodyear and Seafrigo.

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.