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ORLANDO-Locally based Eola Capital has made it official: it is now the owner of 15 office properties formerly in St. Joe Co.’s portfolio. The $277.5-million transaction closed yesterday. Eola’s acquisition of two more properties is expected to close in the third quarter, bringing the total price tag to approximately $377.5 million.

The 15 properties encompass 1.8 million sf, net rentable. The two additional properties will add 450,000 sf, net rentable to the pot.

“Early on in our transition from a regional industrial conglomerate to a real estate development company, we recognized the need for a strategy that could maximize the benefit of the earnings from our very low-basis land for shareholders,” Peter S. Rummell, St. Joe’s chairman and CEO, says in a statement. “Our investment building portfolio strategy was implemented to take advantage of [St. Joe's] unique circumstance. Beyond a sound strategy, our timing has also been excellent. We were fortunate to have been the buyer of these office buildings at the right time, and we believe we are also selling them at the right time.

The deal, which hit the table only six weeks ago, pushes Eola north into Virginia. The assets included in the original deal are located in Orlando, Jacksonville, Tallahassee, Panama City, Atlanta, Richmond and Norfolk, VA. St. Joe’s placed the properties on the market in January, as GlobeSt.com previously reported.

According to GlobeSt.com’s previous report, the assets are 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. and the 219,668-sf Parkwood Point 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; 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.

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