Flagler Investment Property Group

Case Studies

One Flagler 2004-2006

One Flagler

The Challenge: In April 2004, Flagler Investment, LLC formed an "Investment Club Deal" to acquire the 150,000-square-foot, Class B office building as a leasehold interest. The building, designed by world-renowned architect Morris Lapidus and situated in the heart of downtown Miami, was formerly known as the Israel Discount Bank Building. Upon acquisition, the property was 40% occupied by a mix of professional, jewelry and retail tenants. Jewelry trade represented 41% of the space, earning the building an international reputation within the jewelry industry.

Ownership retained our Asset Management firm to manage and lease the propoerty.  In 2005, we undertook a comprehensive renovation program and on behalf of Ownership were able to secure the rights for the underlying land ownership.

Results:

In 2006, Flagler sold One Flagler with a 79% occupancy rate to Nexus Development Group LLC, generating unprecedented returns.
Bavaria - SabMiller 2005-2006

Bavaria - SabMiller

The Challenge

In 2001 Grupo Empresarial Bavaria, the then second largest brewery company in Latinamerica initiated a plan to streamline its entire operation and refocus its development strategy on its core business.

Following a competitive bid process, Bavaria retained Flagler Investment Management to assist in the management and restructuring of its real estate portfolio comprised of more than 1,300 assets in 9 Colombian cities.

Approach and Results

After a detailed valuation and classification of the Portfolio, FI Management proposed and implemented a large disposition program. Within 24 months, all unproductive assets were sold or leased exceeding Bavaria 's expectations in value and time. Grupo Empresaria Bavaria kept full ownership of the most strategic plants, office buildings and development sites which were in turn managed by FI Management.

Bavaria's retestructuring strategy paid off with the acquisition of Bavaria by SabMiller in 2005.


Wiltel Data Center 2005 - 2006

Wiltel Data Center

The Challenge:

Flagler Investment purchased the Wiltel Facility, a state-of-the-art Category 5, three story fully built-out Data Center, located in Miami Florida in the Summer of 2005.

The property was built in 2003 and seated empty following the burst of the Dot Com buble and the decision from WilTel to exit the colocation business.  Our Asset Management and Leasing Teams were retained to manage the property.

Results:

After repurposing some of the interior spaces and agencing 2 floors for multi-tenancy, we were to sell the property 15 months after acquisition to CORESITE, a subsidiary of the Carlyle Group, and generate unprecedented returns to Ownership.


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