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FECI Sells Massive Industrial Park, Including Amazon-Leased Building, For $209M

Florida East Coast Industries (FECI) and its Flagler Global Logistics subsidiary sold all the 200-acre South Florida Logistics Center near Miami International Airport to a group of pension funds.

The five completed industrial buildings, including one leased to Amazon.com for distribution, for a combined 867,343 square feet traded in separate transactions for $209.15 million. County records show that FECI signed agreements to sell the additional four building sites to the same group once construction has been completed.

The buyer is SFLC Industrial Owner 1-5, which is run by J.P. Morgan Asset Management in New York as a representative of numerous pension funds.

Here’s a breakdown of the sales for the property at 3200 N.W. 67th Ave.

  • The 172,417-square-foot SFLC Building 1 sold for $42.2 million. It was built in 2013.
  • The 274,844-square-foot SFLC Building 2 sold for $67.7 million. It was built in 2014.
  • The 112,562-square-foot SFLC Building 3 sold for $22.2 million, It was built in 2014.
  • The 190,003-square-foot SFLC Building 4 sold for $40.95 million. It was built in 2015.
  • The 117,235-square-foot SFLC Building 5, which is leased to Amazon.com, sold for $36.1 million. It was completed this year.

Other tenants include Goodyear, Seafrigo, and Flying Food Group.

FECI broke ground on the 162,088-square-foot SFLC Building 6 in August and it will be sold to the pension funds shortly after its completion. The other three proposed buildings have not started construction. The contract prices for these four buildings haven’t been disclosed, so the final deal will certainly come out to much more than $209 million.

Flagler Global Logistics recently discussed its development strategies with the Business Journal.

FECI is the same company that’s building the Brightline passenger train between Miami, Fort Lauderdale, West Palm Beach and Orlando.


Source: SFBJ