The Florida company bought the 13-year-old, 95%-leased building at 5660 New Northside Dr. in Atlanta's Northwest Central Perimeter submarket. First Data Corp., Allstate Insurance Co. and Suntory Water Group are the major tenants.
St. Joe paid the New York Central Pension fund, directed by Clarion Realty Co., an estimated $35 million or about $127.27 per sf, a price that is at or just below existing replacement costs, area brokers familiar with the transaction tell GlobeSt.com.
"The price was in the mid-30s," St. Joe Commercial president Frank W. Herring Jr. confirms to GlobeSt.com. "This acquisition will serve as a platform for our company's position in the Atlanta market."
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