MIAMI—Flagler has traded hands again—or at least a prime asset that represents about a third of its portfolio. Rumors that real estate investment advisor AEW Capital Management was in the process of acquiring Florida’s largest full-service commercial real estate firm were partially true. Now, some are wondering if Flagler will put the shovel in the dirt next and build a new park.

AEW last week snapped up Flagler’s industrial portfolio at the Flagler Station business park. AWE acquired the 33 industrial assets, which total approximately 4.2 million square feet, on behalf of AEW Core Property Trust (U. S.), the firm’s open-end core real estate fund. The price: $340 million. AEW was expected to pay $1 billion for Flagler’s more than 12 million square feet of class A office and industrial space across the state.

“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,” Vincent Signorello, president of Flagler, said in a statement. “AEW’s reputation and their commitment to this long-term, strategic capital investment elevate the market as a whole.”

Located in Miami-Dade County’s prolific industrial Airport West submarket, Flagler Station is South Florida’s largest business park. The master-planned campus opened in 2001 and has a tenant roster that includes Ryder Systems, Lagasse, FedEx and Brightstar, Betty Dain Creations, and Crowley.