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Crocker Sells Woodlands to Barksdale for $100.50 Per SF

JACKSON, MS-The Atlanta office of Cushman & Wakefield brokered the $17-million sale of the 169,152-sf, 13-year-old, four-building asset originally developed by Trammell Crow Co. on 3.26 acres.

By Judith Schonbak | Updated on December 18, 2000

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.

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