The tax-oriented deal allowed Flagler to buy out Duke at three buildings in Beacon Station, South Florida's largest business park, located northwest of Miami International Airport. Flagler and Duke had owned the buildings in a 50-50 joint venture. The three 180,000-sf, 100%-leased buildings were constructed in 1999.

In Jacksonville, Flagler acquired the four-year-old, 59,000-sf, 100%-leased Office Centre at Southpoint and the land along J. Turner Butler Boulevard in the Southpoint corridor. Another 59,000-sf building can be built on the site.

Flagler didn't break out prices for the individual assets but in a prepared statement, company president G. John Carey says "the transaction was sensible for both the buyer and seller." Carey says the deal was done by Flagler "with previously identified Section 1031 funds which allowed the company to defer taxes on gains from previous realty sales."