A representative for Flagler Development tells GlobeSt.com "Citi would rather us not disclose any of the pricing." However, area industrial brokers intimate with the developer's growth plans tell GlobeSt.com the deal probably went down for about $5.22 million.

Area brokers base that estimate on the recorded price of $14.4 million, or $184,615 per acre ($4.24 per sf), that Citicorp paid for its initial 78 acres on Oct. 2, 2003, as GlobeSt.com previously reported. As part of that deal, Citicorp took out an option to buy the additional 28.29 acres, Flagler officials tell GlobeSt.com. The 28.29 acres contains 20 upland acres adjacent to Citicorp's existing three-building campus.

"Citi's decision once again validates the success we have experienced at Flagler Center," says Keith A. Tickell, Flagler's senior vice president. "Flagler center offers companies the accessibility, visibility, security and expansion opportunities essential for growing businesses in the heart of the fastest growing area of Jacksonville."

Flagler Development Co., headquartered in Jacksonville, owns, leases and manages about 8.1 million sf of class A office and industrial space, along with an additional 119,000 sf under construction. The Florida properties are primarily in Jacksonville, Orlando, Fort Lauderdale and Miami.

The company also owns 643 acres of entitled land in Florida available for development of up to an additional 10.1 million sf; and about 2,540 acres of other Florida properties.