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DORAL, FL-Flagler Development Co. closed on the previously announced sale of a 460-acre undeveloped parcel for $80 million, or $171,739 an acre. The buyer is Atlas Developers Group LLC, an affiliate of Miami-based Century Partners Group, a residential builder headed by Sergio Pina.

The land is southeast of Flagler Station, formerly called Beacon Station Business Park. Located northwest of Miami International Airport, the park currently contains 3.3 million sf of office and industrial space, and, at full build-out, will expand to an aggregate of approximately nine million sf and include amenity retail. It is being developed by Flagler, which is based in Jacksonville and is the development subsidiary of St. Augustine-based Florida East Coast Industries.

Robert W. Anestis, FECI’s chairman, president and CEO, attributes the price tag of the land sale to “South Florida’s population growth, which has fueled residential development westward into the Doral area [and] has translated into higher property values for land otherwise earmarked for future industrial development.” The sale, he says, is in keeping with FECI’s strategy of “realizing the value from assets that have a higher and better use and reinvesting some or all of the proceeds in a tax-efficient manner into realty that will create a renewable source of value.”

The proceeds from the sale, which, after selling expenses, are approximately $79 million, were placed in a 1031 tax-exchange escrow account while FECI reviews various reinvestment opportunities. The book basis in the land parcel is approximately $7.5 million, according to Anestis. Flagler’s president, G. John Carey, notes that residential development in Doral complements Flagler Station and says, “we will continue to develop quality properties in this location for years to come.” According to a February report on GlobeSt.com, Flagler acquired the property in the early 1980s to provide land for future railway customers. Florida East Coast Railway is also an FECI subsidiary, and it operates 351 miles of mainline track from Jacksonville to Miami.

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