JACKSON, MS-Crocker Realty Trust, a privately-held, Boca Raton, FL-based REIT and Atlanta-based Barksdale Management Co. are both winners in a $17-million deal over a 13-year-old, four-building asset. Crocker sold the Woodlands, a 169,152-sf, 90.3%-leased office park, to tenant Barksdale for $100.50 per sf. That’s a good price for a maturing property, area brokers say. Barksdale received an almost fully-occupied asset with a steady cash stream at a below-replacement cost. One of the buildings in the 3.26-acre park can be expanded by 25,000 sf.

The park was originally developed by Trammell Crow from 1987 to 1991. Kris J. Cooper, a senior director with Cushman & Wakefield’s Atlanta office, and colleague Reynolds Couch brokered the deal. Rental rates in the Woodlands average $16.85 per sf. Cooper tells GlobeSt.com deals being done currently in the Jackson area are at $17.50 to $18.00 per sf.

“Jackson is a good, steady market, but it is not a spec market,” Cooper says. Cushman & Wakefield was brought in to recommend and handle the disposition of Crocker’s Southeast office property portfolio, valued at about $600 million.

C&W at first recommended the Crocker holdings be disposed of individually rather than as a portfolio. A portfolio offer, excluding Jackson, was made. It fell through, however. Meanwhile, the Woodlands deal was in the works and was completed.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.