Investors Skip Stoltz and Mike Masanoff had contracted in Juneto acquire Crocker Realty's package of 126 mostly office buildingsin Florida, Georgia, Mississippi, North Carolina, Tennessee andVirginia. They had previously scored a major coup when they boughtthe former IBM campus in Boca Raton for $46 million in 1996 andsold it this year for $138.65 million, or a gross gain of 200%.
Company founder Tom Crocker initially intended to sell theproperties individually but reconsidered when the package offercame through. "It was a good offer from a strong group," Crockersays, "but for whatever reason, it just didn't work out forthem."
Crocker gave up day-to-day control of Boca Raton-based CrockerRealty in March when he became CEO of the Koger Equity REIT inJacksonville, FL.
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