X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Tomoka Holdings LLC of Daytona Beach, FL has picked up two strategically located development tracts totaling 6,197 acres, about 50 miles north of Downtown Orlando, for $15.5 million or $2,501 per acre (six cents per sf).

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.