I created a second/new K25 bare metal project that duplicates the first project. I am able to flash the K25 processor from this second project. Not sure what went wrong with the first project.
Flashing the program via the "Run as" option successfully flashes and starts the newly loaded application.
Flashing the program via the lightning bolt/stand-alone programmer also successfully flashes. When flashing via the lightning bolt a manual reset of the board is required to start execution of the newly downloaded application.
An equivalent K60 project runs fine out of the debugger but fails to run at all via the flash options.