Forward sale of two Miami industrial buildings closes

MIAMI, June 17, 2022 – JLL Capital Markets announced today that it has closed the forward sale of two Class A industrial distribution buildings within Countyline Corporate Park totaling 574,752 square feet in the South Florida city of Hialeah in Miami-Dade County.

JLL marketed the property on behalf of the seller Flagler Global Logistics, a subsidiary of Florida East Coast Industries, LLC. An Ares Management Real Estate fund acquired the assets.

The two assets are Building 18 and 22 within Countyline Corporate Park, an 8.5 million-square-foot, master-planned business park in Hialeah developed by the seller. Once completed in the second quarter of 2023, Building 18 will be a 360,845-square-foot build-to-suit cold storage facility. Building 22 will be 213,907 square feet and feature a rear-load configuration, 32-foot clear heights and will be completed in the second half of 2022.

The JLL Industrial Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Luis Castillo, Senior Managing Director John Huguenard and Director Cody Brais.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Florida East Coast Industries, LLC (FECI) is one of Florida’s oldest and largest full-service commercial real estate, transportation and infrastructure companies. Headquartered in Miami, Florida, FECI has a rich history dating back over a century. Mr. Henry Flagler first established a predecessor company in 1892, which became a pioneer in the development of Florida's eastern coast. FECI subsidiary Flagler Global Logistics is a developer of industrial real estate, primarily in proximity to key transportation infrastructure, including airports, seaports and rail in the core markets of Miami and Central Florida. Flagler Global Logistics has developed more than 40 industrial buildings totaling 9 million square feet in Miami since 2013.  FECI is owned by private equity funds managed by affiliates of Fortress Investment Group, LLC. For more information, visit feci.com. 

Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. Ares Management Corporation seeks to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across their investment groups, Ares Management Corporation aims to generate consistent and attractive investment returns throughout market cycles. As of March 31, 2022, Ares Management Corporation's global platform had approximately $325 billion of assets under management, with over 2,100 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit aresmgmt.com.