JPMorgan buys Amazon-leased warehouse next to Miami International Airport

Amazon signed a lease in 2016 for the 117K sf building

South Florida Logistics Center
South Florida Logistics Center

Fueled by growth in the e-commerce sector, South Florida’s industrial market isn’t showing signs of slowing down. And when Amazon is the tenant, it’s a seller’s market for a company looking to unload that property.

Florida East Coast Industries subsidiary Flagler Global Logistics sold its Amazon-leased 117,235-square-foot warehouse to JPMorgan Asset Management.

The building and parking lot at 3200 Northwest 67th Avenue in Miami sold for $33 million.

Property records show SFLC Building 9 LLC was the seller. The buying entity was SFLC Industrial Owner 9 LLC.

Amazon signed a lease with Flagler Global Logistics in 2016. The property is northwest of Miami International Airport with nearby access to the Palmetto Expressway and Dolphin Expressway.

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The sale to JPMorgan isn’t the first for Flagler Global Logistics.

In 2016, it sold five buildings at the 200-acre industrial development for $209 million to the JPMorgan fund. Last November, it sold a 9.2-acre property within the same South Florida Logistics Center for $31.1 million.

FECI is backed by the investment management firm Fortress Investment Group, which has more than $6 billion of equity invested in real estate, transportation and infrastructure assets and more than $39 billion assets under management, according to its website.

FECI is also the parent company of Brightline, which rebranded earlier this year as Virgin Trains.