In the biggest sale-merger package of its kind in at least 25 years, the Jacksonville, FL-based company Wednesday sold its Clearwater, FL-based Arvida Real Estate Services subsidiary to NRT Inc., a unit of New York-based Cendant Corp. and parent of Coldwell Banker Residential Real Estate.
The $170 million, all-cash deal comprises $158 million for the assets and $12 million for working capital. The assets take in brokerage, mortgage and title services. St. Joe paid Prudential Insurance Co. $100 million in 1998 for the business, then called Prudential Florida Realty.
The sale doesn't include St. Joe's community development unit, called Arvida, which has been developing master-planned communities in Florida for 40 years. St. Joe's commercial/industrial assets are not involved in the NRT-Cendant deal
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