The Real Deal Miami

Parkway picks up Jacksonville office parks for $130M

January 22, 2013 03:45PM

Deerwood office park

A subsidiary of Coral Gables-based Florida East Coast Industries known as Flager has sold off two office parks in Jacksonville to the Orlando-based REIT Parkway Properties for $130 million — approximately $128 a square foot, the South Florida Business Journal reported.

Together the Deerwood North and Deerwood South office parks contain eight buildings totaling 1 million square feet. The parks’ tenants include JP Morgan Chase, Fidelity, Comcast, Adecco, Main Street America, Fortegra, Carolina Casualty and Arizona Chemical, according to Thomas Blalock, Parkway’s director of investor relations.

“Most of the time when we acquire properties, especially of this size and nature, we typically incorporate most of the building-level operational people into the Parkway system,” Parkway CEO Jim Heistand said. “In most cases they are hired by Parkway.” [SFBJ]Christopher Cameron