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Eola Capital Takes 17-Asset Portfolio for $383M

JACKSONVILLE, FL-St. Joe Co. put the 2.25-million-sf portfolio on the market in January. The office properties spread across the Southeast north into Virginia.

By Melissa Kress | Updated on May 02, 2007

JACKSONVILLE, FL-Orlando-based Eola Capital has revealed it intends to acquire 2.25 million sf of office properties from St. Joe Co. The transaction, slated to close in this quarter, carries a $383-million price tag.

The locally based company placed the 17-building portfolio on the market in January, as GlobeSt.com previously reported. The class A office properties span across the Southeast north into Virginia, with assets in Orlando, Jacksonville, Tallahassee, Panama City, Atlanta, Richmond and Norfolk, VA.

“This portfolio acquisition will immediately expand our presence to Virginia and Orlando,” Jim Heistand, Eola Capital’s CEO, says in a statement. “These properties are a natural fit for our company as they are located in markets that we currently operate [in] that have good growth potential.”

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