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Parkway Buys Flagler Office Assets for $130M

JACKSONVILLE, FL—Flagler's Vincent Signorello tells GlobeSt.com's Jennifer LeClaire how the sale to Parkway will impact its presence on Jacksonville's office scene.

By Jennifer LeClaire | Updated on January 23, 2013

JACKSONVILLE, FL—Parkway Properties is buying a portfolio of eight office properties spanning 1 million square feet from Florida East Coast Industries for $130 million. The office assets are in Jacksonville’s Deerwood submarket.

“This sale is consistent with our strategy to monetize stabilized assets in order to redeploy capital into higher yielding opportunities, primarily the development of more commercial real estate,” Vincent Signorello, president of Florida East Coast Industries, tells GlobeSt.com. “Pro forma the sale, we will continue to be one of the largest commercial real estate owners in Jacksonville with a portfolio in excess of three million square feet.”

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