Codina Group sold to Flagler Development

A significant real estate deal has happened today in Florida.

Florida East Coast Industries has acquired the Codina Group in a deal that joins two of the state’s most prominent real estate companies.

FECI’s purchase of Coral Gables-based Codina Group is valued at $270 million, the companies announced Friday morning.

”The very best deals do what this one is doing,” said Armando Codina, Codina Group’s chairman and CEO. “They work in the short term, and they also create a foundation for the future that’s stronger than either company standing alone.”

Florida East Coast Industries, based in St. Augustine, operates through two subsidiaries: its railroad company, Florida East Coast Railway, and its real estate arm, Flagler Development. MiamiHerald.com .

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