Florida East Coast Industries Unloads Warehouse For $31.1 Million

Florida East Coast Industries just sold a warehouse near Miami International Airport for $31.1 million to a subsidiary of JPMorgan Asset Management.

Coral Gables-based FECI sold the 9.2-acre property at 3200 Northwest 67th Avenue for $3.4 million per acre, property records show. The warehouse is part of the South Florida Logistics Center, a master-planned business park with 2 million square feet of Class-A warehouse and distribution facilities.

The South Florida Logistics Center has a direct connection to Miami International Airport, according to a brochure about the development.

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 $46 billion assets under management, according to FECI’s website.

FECI has a substantial real estate portfolio in South Florida, including MiamiCentral near downtown, a 3-million-square-foot, mixed-use project that will include apartments, retail, offices.

Source:  The Real Deal