FECI scores construction loan for Hialeah business park
FECI secured $20M in construction financing in September for other buildings in Countyline Corporate Park
An affiliate of Florida East Coast Industries scored more construction financing for the third phase of its Hialeah business park.
FECI landed a $17 million loan from Wells Fargo Bank for building 26 in Countyline Corporate Park, according to records.
The company previously secured a $20 million loan from Wells Fargo in September to build other warehouses inside the park west of I-75.
These other buildings are already leased, according to marketing materials. Records show Valentini Italian Specialties Co. and Vanguard Logistics USA have leased space in building 25. The asking rent for building 26 is $7.74 triple net.
Coral Gables-based FECI is the parent of train service Brightline; Flagler Global Logistics, a logistics company; and Flagler, a commercial real estate company. FECI is part of Fortress Investment Group, which is owned by Japan’s SoftBank Group.
In December, FECI sold the apartment tower next to Brightline’s West Palm Beach station for $114.8 million.
In 2019, a Preferred Freezer Services warehouse in Countyline Corporate Park secured a $48 million construction loan. That year, Duke Realty paid FECI $34.4 million for a warehouse in the park.
Among other planned industrial projects in Hialeah, a joint venture is developing a speculative cold storage project, which scored a $67 million construction loan last year.