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ORLANDO-Michigan apartment developer Willow Creek Development LLC has purchased 1,334 acres near the Kennedy Space Center in southeast Titusville, FL for $6.9 million or $5,172 per acre (12 cents per sf).

Willow Creek principals couldn’t be reached at GlobeSt.com’s publication deadline to learn what the site will be used for. But Brevard County industrial brokers speculate to GlobeSt.com the land could be a long-range investment for a multifamily/retail venture.

The site is west of Interstate 95, east of the Space Center Executive Airport, north of Kings Highway and south of State Road 405.

Flagler Development Co. of Jacksonville, FL sold the land as part of its ongoing divestiture of surplus acreage. The company has $38.9 million worth of surplus dirt (8,700 acres) on the market with $22 million under contract.

“We will continue to focus on functions that are core to our business, which includes commercial real estate ownership, management and development,” Flagler president G. John Carey says in a prepared statement.

Flagler is a wholly owned subsidiary of St. Augustine, FL-based Florida East Coast Industries Inc., one of the largest landowners in the state. “This is another example of the progress we are making in monetizing non-core land holdings,” Robert W. Anestis, FECI chairman/president/CEO, says in the same statement.

Flagler Development owns, develops, leases and manages 6.8 million sf of class A office and industrial space, including 735,000 sf of class A office in joint ventures with Duke Realty Corp. and 181,000 sf in the development phase. Their properties are primarily in Jacksonville, Orlando, Miami and Fort Lauderdale.

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