St. Joe Buys Windward Portfolio for Estimated $70M

ALPHARETTA, GA-St. Joe Commercial Inc., the commercial investment, asset management and development arm of the St. Joe Co., has acquired the three-building, 465,000-sf Windward office portfolio here from Atlanta-based Holder Properties Inc. The transaction brings St. Joe’s office holdings in metro Atlanta to about one million sf, based on two previously recorded sales.

St. Joe didn’t disclose the acquisition price of the Windward buildings. However, area office brokers familiar with the local office submarket tell GlobeSt.com the properties were probably priced at about $150 per sf, or a total $70 million.

The properties are Windward Plaza 100, 132,000 sf; Windward Pointe 200, 130,000 sf; and Windward Plaza 300, 203,000 sf. Windward Plaza 100 and 300 are 100% leased. Windward Pointe 200 is 65% leased. Among the major tenants at the three-building complex are GE Capital, E-Trade Financial and Ashland Inc.