AEW Capital Management, on behalf of AEW Core Property Trust, the firm's core real estate fund, has completed the purchase of Flagler's 4.2 million-square-foot Flagler Station for $340 million, or $81 a square foot, according to the Miami Herald. Flagler Station is South Florida's largest business park, located in Miami-Dade County's prolific industrial Airport West submarket and totaling 33 buildings. The complex is home to tenants including Ryder Systems, Lagasse, FedEx and Brightstar. Under the terms of the deal, Flagler, which is owned by Fortress Investment Group, will retain management and leasing duties on the property for three more years.
"Given the performance of Miami's industrial market over the last 12 months, we were certain that a Class-A portfolio with such critical mass would garner serious interest from institutional investors," said Vincent Signorello, President of Flagler.
"AEW has a long history of investing in Southeast Florida, and this latest acquisition illustrates our belief in the strength of the Miami/Medley market, which services the Port of Miami, Miami International Airport and Port Everglades," said Dan Bradley, Senior Portfolio Manager for the AEW Core Property Trust.
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