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.
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.