The seller was Flagler Development Co., the wholly owned commercial real estate subsidiary of Florida East Coast Industries Inc. in St. Augustine, FL.
"The transaction accrues favorably to seller, buyer and the adjacent municipalities who will benefit from Palm Coast's plans for this parcel," Flagler president G. John Carey says in a prepared statement. "The land sale is consistent with our continuing program to realize value from our non-core assets."
Tomoka is a wholly owned subsidiary of Allete Properties Inc. of Fort Myers, FL and an affiliate of Palm Coast Holdings Inc. of Palm Coast, FL. Tomoka's first 5,849-acre tract, locally known as National Gardens, is in the southeast and southwest quadrants of Interstate 95 and U.S. 1 near Ormond Beach, FL and extends into Volusia and Flagler counties. The second 348-acre parcel is northwest of Bunnell, FL between County Road 13 and State Road 100.
Jacksonville, FL-based Flagler Development Co. owns, develops, leases and manages 6.9 million sf of class A office and industrial space, including 735,000 sf of class A office in joint ventures with Duke Realty Corp. of Indianapolis, IN. About 181,000 sf is under development.
Flagler's office and industrial projects are concentrated in Orlando, Miami, Fort Lauderdale and Jacksonville. The company also owns 966 acres of entitled land ready for development of up to an additional 14.5 million sf. Flagler owns 5,700 acres of other properties.
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