The venture, Boca 54 Land Associates LLC, owns 54 acres of unimproved land at Arvida Park. Flagler-Codina, which has acquired a 20% interest in the venture, will be the project developer and managing partner of the joint venture.
"We believe this investment represents a unique opportunity for Flagler-Codina to make a powerful entrance into the Boca Raton office market," says Jose Hevia, COO of Flagler-Codina. "The venture signifies the strength of combining our local market knowledge and real estate capabilities into a transaction that satisfied the business objectives of both companies."
Flagler Development is based in Jacksonville. Codina Development is headquartered in Coral Gables, FL. TIAA-CREF is based in New York City. Flagler Development is the commercial real estate arm of its parent, Florida East Coast Industries Inc. of St. Augustine, FL.
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