Developer Adding 360,000 SF to Flagler Station

MIAMI-Flagler Development Co. is planning to build two new industrial buildings totaling 360,000 sf of space at its Flagler Station industrial park in Miami-Dade County to accommodate the demand there.One building, a 200,000-sf, one-story warehouse building, is in the permitting stage right, says W. Shane Soefker, director of development and project director for Flagler Development. Flagler is developing the 24-foot clear, rear-load, dock-height building as spec inventory, he says.”There are a number of interested parties in that building,” he says. “There’s plenty of activity on that building.” The building is set to break ground in November and be completed and available to tenants next May.At the park, Flagler Development owns and manages about 3.3 million sf of primarily industrial space, 95% of which is occupied, and more space is needed, according to the company. “We have seen strong absorption of both our inventory and available sublease space in this market over the last 12 months,” G. John Carey, president of Flagler Development, says in a statement. “With virtually no inventory at Flagler Station, we need additional space to meet the needs of our existing tenant base and new customers.”In addition, Flagler Development has designed and permitted another 160,000-sf warehouse building and released in a statement that demand will determine this building’s start of construction. If early interest is any indication, that will be sooner than later. “There’s substantial activity on that building also, and we are waiting on some pre-leasing commitments before starting construction,” Soefker says.Flagler Station, formerly Beacon Station Business Park, is the largest business park in South Florida. Located about 15 miles northwest of Miami International Airport, the park, at full build-out, will have about nine million sf of commercial and industrial space, and amenity retail space. Tenants at Flagler Station include Union Planters Bank NA, Trends B.G.P. Ltd. and Pittway Corp. (Honeywell). Flagler Development Co., based in Jacksonville, is the wholly owned commercial real estate development subsidiary of publicly traded Florida East Coast Industries Inc.