Florida East Coast Industries Announces Flagler Acquires Class-A Office Building in Doral, Florida
biz.yahoo.com
Monday February 7, 8:48 am ET
ST. AUGUSTINE, Fla., Feb. 7 /PRNewswire-FirstCall/ -- Flagler Development Company ("Flagler"), the wholly owned commercial real estate development subsidiary of Florida East Coast Industries, Inc., has purchased Doral Concourse, a 240,144-square-foot, class-A, suburban office building located at 8400 Doral Boulevard in the Miami Airport West sub-market. Flagler bought the property from VEF Advisors for $41 million. The building and attached parking garage were completed in 2001. The six-story building is currently 66 percent leased.
Robert W. Anestis, Chairman, President and Chief Executive Officer, stated, "The purchase of the Doral Concourse office building was a perfect addition to the Flagler portfolio. The building, located in the same sub- market as Flagler Station, will allow Flagler to add value through lease up and stabilization. This transaction is the first purchase utilizing a portion of the tax deferred proceeds received from the fourth quarter $80 million sale of Section 8, a 460-acre industrial property that was years away from development. We have a number of other potential land and building acquisitions in process to re-deploy the remaining proceeds of the Section 8 sale. The buildings we are currently looking at will leverage Flagler's property management and leasing expertise and provide increased cash flow. The potential land parcels will complement our existing portfolio, as well as provide a renewable source of value going forward. We believe this process will add substantial value for our shareholders."
"The exceptional quality and location of this property attracted our attention," said G. John Carey, Flagler's President. "We think there is significant upside in this building, from additional leasing and appreciation in a land constrained office market. This property is an excellent addition to our South Florida portfolio."
Stuart Gordon of Codina Realty Services will market the balance of the building under the direction of Shane Soefker, Flagler's Vice President and Market Officer - South Florida. |
