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FECR sells Miami land, devises more property deals


Florida East Coast Railway (FECR) June 26 obtained contracts worth more than $50 million to sell two parcels of downtown Miami land.

Pending transaction closings expected in late 2002, the railway sold its former 56-acre Buena Vista yard to an undisclosed buyer for $34.5 million, and seven acres between the Miami River and downtown to an undisclosed buyer for $16.3 million.

The transactions are part of FECR parent company Florida East Coast Industries Inc.'s (FECI) ongoing program to divest non-core assets, said Robert Anestis, FECI chairman, president and chief executive officer, in a prepared statement.

"Although these long-held parcels are particularly valuable acreage, our railway has 1,180 additional acres of property, which are available for lease, development or sale," he said, adding that FECI currently is listing FECR property valued at about $64 million.

Contact Progressive Railroading editorial staff.

More News from 6/26/2002