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.