GlobeSt.com EXCLUSIVE; Zell Interested in Arvida's Residential Arm?

ORLANDO-Representatives of Chicago-based Sam Zell’s Equity Residential Properties Trust, the largest apartment property owner in the United States, are inquiring into Jacksonville, FL-based St. Joe Co.’s tentative plans to sell Arvida Realty Services of Clearwater, FL, a residential brokerage asset acquired from Prudential Florida Realty four years ago.

Area brokers in Orlando and Tampa tell GlobeSt.com on condition of anonymity the talks are preliminary and other firms have made similar inquiries since St. Joe announced its plans last week. St. Joe is the largest corporate property owner in Florida.

The company’s prepared statement on March 29 says the commercial and development sectors of the company and the residential development division are not involved in plans to divest only the residential brokerage arm.