ST. AUGUSTINE, FL-Locally based Florida East Coast Industries Inc., one of Florida's largest corporate landowners, has added 117 acres to its existing portfolio of 3,263 acres throughout the state.

FECI paid Tampa, FL-based Key Automotive of Florida Inc. $5.1 million or a gross $43,590 per acre for the industrial-zoned land on County Line Road, just off Interstate 4 in Polk County. Since only 80 acres are developable, FECI's net price equates to $63,750 per acre. The site is about 60 miles south of Downtown Orlando.

The tract is near the 655 undeveloped acres FECI subsidiary Flagler Development Co. acquired in March for $9.3 million or about a gross $13,985 per acre, as GlobeSt.com reported March 11. Only 370 acres of that tract is usable, bringing the effective price to about $25,135 per acre.

"The newly acquired site is ideal for industrial development and can accommodate very large users," says Flagler president G. John Carey. The deal was done at this time because Flagler officials "believe this area of Central Florida is well-positioned to attract industrial and distribution users over the long term," Carey says. However, he didn't indicate a development timetable for the land.

Flagler Development, headquartered in Jacksonville, owns, leases and manages about 7.6 million sf of class A office and industrial spaces. The company has 680,000 sf under construction. Florida East Coast Railway LLC, based in St. Augustine, is the other subsidiary of Florida East Coast Industries.

According to the Florida Department of Environmental Protection, Key Automotive paid a $154,000 fine in 2004 after reaching a settlement with the agency over alleged illegal hazardous waste management and storage on its 430-acre Polk County site. The agency didn't identify the specific location of the site.