St. Joe Completes Portfolio Sale With $44M Closing

St. Joe, led by chairman and CEO Peter Rummell, hired locally based Eastdil Secured to sell the 2.3-million-sf office portfolio in January. In May, Eola Capital struck a deal with St. Joe to acquire the portfolio for $377.5 million, as GlobeSt.com previously reported.

The properties sold are located in seven markets throughout the Southeast. In addition to Parkwood Point, the properties sold were the 132,250-sf 100 Windward Plaza, the 203,248-sf 300 Windward Plaza, the 203,877-sf Deerfield Point I & II and the 129,232-sf Windward Pointe 200 in Alpharetta, GA; the 130,614-sf 280 Interstate North, the 274,709-sf 5660 New Northside Dr. in Atlanta; the 34,304-sf Beckrich One, the 34,304-sf Beckrich Two and the 30,196-sf Nextel Two Building in Panama City Beach, FL; the 135,000-sf 245 Riverside in Jacksonville, FL; the 163,209-sf Millenia Park One in Orlando; the 128,677-sf Overlook I & II in Richmond, VA; the 163,102-sf Southhall Center in Maitland, FL; and the 88,415-sf Southwood One in Tallahassee, FL. The sales were completed in three closings. Fifteen buildings with 1.8 million sf sold in the second quarter for $277.5 million. The sale of a single building with 225,000 sf closed for $56 million earlier in the third quarter.

At the time the properties hit the market, St. Joe's chairman and CEO Peter Rummell said, "With capitalization rates in office markets across the nation at or near record lows, we believe that this is the right time to be a seller. That fact combined with the continued abundant flow of capital into real estate from a wide range of investors presents a unique time to potentially sell the portfolio."