AEW Capital Management has closed on Flagler’s 4.2 million-square-foot Flagler Station for $340 million, or $81 a square foot, according to sources.
The deal closed Tuesday, with Coral Gables-based Flagler retaining management and leasing duties for three years. The deal involved only the developed industrial portfolio at Flagler Station, which means no land or first right of refusal on future development was part of the sale.
The sale signals the end of Flagler’s marketing of the rest of the developed portfolio.
Jose Juncadella of Fairchild Partners said the sale would help stabilize the industrial market and would likely push prices up because the high price AEW has paid will set a new bar for what rents should be.
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