X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

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?

Dig Deeper

 

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 © 2022 ALM Global, LLC. All Rights Reserved.