The closing price wasn't disclosed but Lennar Florida Land III Ltd. had sought $11 million or $268,293 per acre ($6.16 per sf). However, sources familiar with the transaction tell GlobeSt.com Flagler closed at substantially less than the asking price. The site is just south of Sunrise Boulevard and NW 136th Avenue, across from the Sawgrass Mills Mall.

"We expect to pursue build-to-suit opportunities in the near term and speculative development, eventually, as the market stabilizes," G. John Carey, Flagler's president, says in a prepared statement.

The acquisition is expected to complement the company's entry three years ago into the southwest Broward office market. Flagler is a subsidiary of Florida East Coast Industries based in St. Augustine, FL. Lennar Florida Land III is an affiliate of Miami-based LNR Property Corp.