Parkway Properties Inc. sold its Deerwood North, Deerwood South and JTB Center office properties this week for $195 million. The deed was recorded Thursday.
The properties were sold Tuesday to Deerwood South LLC, a company registered with the state Sept. 15 by the TPG global investment firm in Fort Worth, Texas.
Parkway Properties earlier sold the Stein Mart building on the Southbank for $23.7 million. Parkway sold that 10-story, 197,000-square-foot building in July to Lingerfelt CommonWealth Realty Partner LLC.
As reported in May, Parkway Properties was selling its portfolio of Jacksonville office properties before merging into Cousins Properties Inc.
Parkway CFO David O’Reilly said Thursday he had no comment.
Cousins, based in Atlanta, and Parkway, headquartered in Orlando, announced their agreement in late April. Merger documents showed that as part of the deal, they intended to sell Parkway’s Jacksonville portfolio, but gave no reason why.
Cousins announced Tuesday it anticipated completing the merger Oct. 6.
TPG also registered the names of Deerwood North LLC, Deerwood South LLC and JTB Center LLC on Sept. 15. Those three companies took out a $111.5 million mortgage Tuesday from Wells Fargo Bank.
TPG media contacts could not be reached Thursday afternoon.
The portfolio sold this week comprises:
• Deerwood North, 4600 Touchton Road E., Buildings 100 and 200, each five stories, totaling almost 280,000 square feet, on 16.7 acres, built in 1991 and 2001.
• Deerwood North, 4601 Touchton Road E., Building 300, four floors, 117,380 square feet, on 17.9 acres, built in 2003.
• Deerwood South, 10150 Deerwood Park Blvd., Buildings 100, 200, 300 and 400, two each at four and five stories, totaling about 535,500 square feet, on almost 41 acres, built in 1996-98.
• JTB Center, 5011 Gate Parkway, the Carlton and Colliers Buildings, each four floors, totaling almost 243,000 square feet, on 15.4 acres, built in 1999 and 2001.
• 7596 Centurion Parkway, two floors, 29,400 square feet, on 2.2 acres, built in 1991.
TPG Real Estate is the real estate platform of TPG, a global private investment firm with more than
@MathisKb
(904) 356-2466