Deeds for the $231 million acquisition May 21 of an 11-building office portfolio in Deerwood Park were recorded Tuesday with the Duval County Clerk of Courts.
A joint venture between Starwood Real Estate Income Trust Inc., Vanderbilt Office Properties and Trinity Capital Advisors bought the Class A office portfolio totaling1.27 million square feet of space, which is 90 percent leased to 55 tenants.
Rebusinessonline.com previously reported that Wells Fargo provided a $135 million acquisition loan to the borrowers. SREIT, which owns 97% of the portfolio, funded the rest of the acquisition. Vanderbilt Office Properties will manage the properties.
Wells Fargo Bank recorded a $140 million assumption agreement and a $20 million mortgage modification Tuesday. Those were dated May 21.
SREIT bought the properties in three deeds from TPG Capital, in care of Touchton Property Partners.
As previously reported, tenants include Fidelity Investments, The Adecco Group and JPMorgan Chase.
“Jacksonville has been one of the top performing large metros in the U.S. for employment and population growth over the last five years and is projected to continue to rank among the top markets over the next five years,” said Starwood's property brochure. Starwood is based in Greenwich, Connecticut.
In September 2016, Parkway Properties Inc. sold the Deerwood North, Deerwood South and JTB Center office properties for $195 million to the TPG global investment firm in Fort Worth, Texas.