The 15 properties encompass 1.8 million sf, net rentable. Thetwo additional properties will add 450,000 sf, net rentable to thepot.

"Early on in our transition from a regional industrialconglomerate to a real estate development company, we recognizedthe need for a strategy that could maximize the benefit of theearnings from our very low-basis land for shareholders," Peter S.Rummell, St. Joe's chairman and CEO, says in a statement. "Ourinvestment building portfolio strategy was implemented to takeadvantage of [St. Joe's] unique circumstance. Beyond a soundstrategy, our timing has also been excellent. We were fortunate tohave been the buyer of these office buildings at the right time,and we believe we are also selling them at the right time.

Thedeal, which hit the table only six weeks ago, pushes Eolanorth into Virginia. The assets included in the original deal arelocated in Orlando, Jacksonville, Tallahassee, Panama City,Atlanta, Richmond and Norfolk, VA. St. Joe's placed the propertieson the market in January, as GlobeSt.com previously reported.