ST. AUGUSTINE, Fla. — Florida East Coast Industries, Inc. announced today that Florida East Coast Railway, L.L.C., a wholly owned subsidiary, has completed the sale of its former Buena Vista rail yard located in Miami to Biscayne Development Partners LLC. The sale price is $34.5 million.
Robert W. Anestis, Chairman and CEO of FECI stated: “The sale of the Buena Vista rail yard is part of our ongoing program to realize greater value from our non-core assets. It moves this significant property into a higher, better use and compensates our shareholders for that transformation. We are pleased to work with Biscayne Development Partners, LLC on this transaction, and we are confident that this parcel will contribute to the City of Miami’s economic growth efforts.” As part of FECI’s continuing program to realize improved value from its assets, FECI’s subsidiaries have additional properties under contract totaling approximately $54 million and other properties currently listed for sale at asking prices totaling approximately $70 million, of which approximately half is expected to be placed under contract and close in 2003. The Buena Vista rail yard is approximately 56 acres and is the largest vacant parcel located near downtown Miami. The site is situated along North Miami Avenue between N.W. 36th Street and N.W. 29th Street. The Buena Vista rail yard was historically an integral part of Florida East Coast Railway’s freight operations, and most recently was partly leased to the Port of Miami for use as a container storage facility. The developer plans to build a mix of commercial and residential space. Edie Laquer of Laquer Corporate Realty Group, Inc. was responsible for bringing the purchaser to FECI.
About Florida East Coast Industries, Inc.
Florida East Coast Industries, Inc., headquartered in St. Augustine, FL, conducts operations through two wholly owned subsidiaries, Flagler Development Company (Flagler) and Florida East Coast Railway, L.L.C. (FECR). Flagler owns, develops, leases and manages 6.7 million square feet of commercial and industrial space, and owns approximately 966 acres of entitled land and 12,000 acres of additional Florida properties. FECR is a regional freight railroad that operates 351 miles of main line track from Jacksonville to Miami. For more information, visit the Company’s Web site at http://www.feci.com.