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Flagler Sells 6,197 Acres for $15.5M

ORLANDO-Tomoka Holdings LLC paid six cents per sf for two parcels near Ormond Beach, FL and Bunnell, FL. The company plans new subdivisions on the sites, area brokers familiar with the developer's previous projects tell GlobeSt.com.

By Alex Finkelstein | Updated on December 24, 2002

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.”

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