{"id":1004089851,"date":"2014-01-15T12:52:51","date_gmt":"2014-01-15T20:52:51","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=230424"},"modified":"2022-03-06T22:57:41","modified_gmt":"2022-03-07T06:57:41","slug":"parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/","title":{"rendered":"Parkway Acquires Jacksonville\u2019s JTB Center in Multi-Asset Deal"},"content":{"rendered":"

\"\"<\/p>\n

The Christmas season was jolly for Parkway Properties. The investor has managed to add several landmark properties to its Florida portfolio besides announcing it was in contract for selling assets in Houston, Texas and Phoenix, Arizona.<\/p>\n

Parkway is a real estate investment trust involved in the acquisition, ownership and management of quality office properties in higher-growth submarkets in the southern regions of the United States. The company currently owns or has interest in 50 office properties located in eight states totaling around 17.6 million square feet. The REIT has reached agreement to acquire Jacksonville\u2019s JTB Center and has also acquired its co-investor\u2019s 70 percent interest in the Bank of America Center, located in Orlando.<\/p>\n

\u201cJTB Center will allow Parkway to gain additional scale in the highly-desirable Deerwood submarket of Jacksonville,\u201d said \u00a0<\/em>James R. Heistand, Parkway\u2019s President and CEO, in a statement for the press. Inaugurated in 2001, the 248,000-sq.-ft. office complex in Jacksonville includes three Class A office buildings, located along J. Turner Butler Boulevard in the city\u2019s Deerwood submarket, between Gate Parkway and Southside Boulevard, just south of JTB, with easy access to I-95, 9A.<\/p>\n

Parkway signed a definitive purchase agreement with the current owner, the New York-based DRA Advisors L.L.C. The transaction is worth $33.3 million and it is expected to close by the end of the first quarter. The buildings have a combined occupancy of 94.4 percent and are expected to generate an initial full-year cash net operating income yield of approximately 8.3 percent. With hotels and banking a short way off and also within 2 miles of St. Johns Town Center, the property is in one of the most desirable parts of town. The amenities include large efficient floor plates, 24-hour key pad access, uniformed service personnel on-site and exterior signage with JTB visibility.<\/p>\n

According to the Jacksonville Business Journal<\/a><\/em>, Parkway has purchased the nearby Deerwood North and Deerwood South in 2013 at around the same price per square foot. The rental rates are currently $20.50 per square foot.<\/p>\n

Photo credits: Parkway Properties<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The Christmas season was jolly at Parkway Properties as the investment giant has managed to add several landmark properties to its Florida portfolio besides announcing to be under contract for selling assets Houston, Texas and Phoenix, Arizona.<\/p>\n","protected":false},"author":35,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1591,21742],"tags":[39438,39444,1815,39399,39459],"class_list":["post-1004089851","post","type-post","status-publish","format-standard","hentry","category-jacksonville","category-latest","tag-houston","tag-jacksonville","tag-national","tag-orlando","tag-phoenix"],"acf":[],"yoast_head":"\nParkway Acquires Jacksonville\u2019s JTB Center in Multi-Asset Deal - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parkway Acquires Jacksonville\u2019s JTB Center in Multi-Asset Deal\" \/>\n<meta property=\"og:description\" content=\"The Christmas season was jolly at Parkway Properties as the investment giant has managed to add several landmark properties to its Florida portfolio besides announcing to be under contract for selling assets Houston, Texas and Phoenix, Arizona.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-01-15T20:52:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-07T06:57:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/Jacksonville.jpg\" \/>\n<meta name=\"author\" content=\"Balazs Szekely\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\\\/\"},\"author\":{\"name\":\"Balazs Szekely\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/623e95293ca6c6791bedc7473f548d7f\"},\"headline\":\"Parkway Acquires Jacksonville\u2019s JTB Center in Multi-Asset Deal\",\"datePublished\":\"2014-01-15T20:52:51+00:00\",\"dateModified\":\"2022-03-07T06:57:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\\\/\"},\"wordCount\":343,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/01\\\/Jacksonville.jpg\",\"keywords\":[\"Houston\",\"Jacksonville\",\"National\",\"Orlando\",\"Phoenix\"],\"articleSection\":[\"Jacksonville\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\\\/\",\"name\":\"Parkway Acquires Jacksonville\u2019s JTB Center in Multi-Asset Deal - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/01\\\/Jacksonville.jpg\",\"datePublished\":\"2014-01-15T20:52:51+00:00\",\"dateModified\":\"2022-03-07T06:57:41+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/623e95293ca6c6791bedc7473f548d7f\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\\\/#primaryimage\",\"url\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/01\\\/Jacksonville.jpg\",\"contentUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/01\\\/Jacksonville.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Parkway Acquires Jacksonville\u2019s JTB Center in Multi-Asset Deal\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/623e95293ca6c6791bedc7473f548d7f\",\"name\":\"Balazs Szekely\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ea1f85d2af7c0f5d50529126ca4816b84db1c71b7a8a620cda11a7d0dc8c8767?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ea1f85d2af7c0f5d50529126ca4816b84db1c71b7a8a620cda11a7d0dc8c8767?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/ea1f85d2af7c0f5d50529126ca4816b84db1c71b7a8a620cda11a7d0dc8c8767?s=96&d=mm&r=g\",\"caption\":\"Balazs Szekely\"},\"description\":\"Balazs covers the workspace trends, tools, and strategies that help organizations make hybrid work actually work, from access and space management to keeping distributed teams connected. A journalist by training with a career spanning radio, print, and digital media, Balazs has held content roles across multiple Yardi products and teams. His writing has been featured in The New York Times, The Washington Post, and The Wall Street Journal, as well as on CBS, CNBC, and more. Outside of work, Balazs is passionate about photography, winter sports, and nature, and never misses a chance to explore a new city. Drop him a line via email.\",\"sameAs\":[\"https:\\\/\\\/www.linkedin.com\\\/\"],\"jobTitle\":\"Senior Creative Writer\",\"worksFor\":\"WorkCafe\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/balazs-szekely\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Parkway Acquires Jacksonville\u2019s JTB Center in Multi-Asset Deal - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/","og_locale":"en_US","og_type":"article","og_title":"Parkway Acquires Jacksonville\u2019s JTB Center in Multi-Asset Deal","og_description":"The Christmas season was jolly at Parkway Properties as the investment giant has managed to add several landmark properties to its Florida portfolio besides announcing to be under contract for selling assets Houston, Texas and Phoenix, Arizona.","og_url":"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2014-01-15T20:52:51+00:00","article_modified_time":"2022-03-07T06:57:41+00:00","og_image":[{"url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/Jacksonville.jpg","type":"","width":"","height":""}],"author":"Balazs Szekely","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/"},"author":{"name":"Balazs Szekely","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/623e95293ca6c6791bedc7473f548d7f"},"headline":"Parkway Acquires Jacksonville\u2019s JTB Center in Multi-Asset Deal","datePublished":"2014-01-15T20:52:51+00:00","dateModified":"2022-03-07T06:57:41+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/"},"wordCount":343,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/Jacksonville.jpg","keywords":["Houston","Jacksonville","National","Orlando","Phoenix"],"articleSection":["Jacksonville","News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/","url":"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/","name":"Parkway Acquires Jacksonville\u2019s JTB Center in Multi-Asset Deal - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/#primaryimage"},"thumbnailUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/Jacksonville.jpg","datePublished":"2014-01-15T20:52:51+00:00","dateModified":"2022-03-07T06:57:41+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/623e95293ca6c6791bedc7473f548d7f"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/#primaryimage","url":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/Jacksonville.jpg","contentUrl":"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/01\/Jacksonville.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/parkway-acquires-jacksonvilles-jtb-center-in-multi-asset-deal\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Parkway Acquires Jacksonville\u2019s JTB Center in Multi-Asset Deal"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/623e95293ca6c6791bedc7473f548d7f","name":"Balazs Szekely","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/ea1f85d2af7c0f5d50529126ca4816b84db1c71b7a8a620cda11a7d0dc8c8767?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/ea1f85d2af7c0f5d50529126ca4816b84db1c71b7a8a620cda11a7d0dc8c8767?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ea1f85d2af7c0f5d50529126ca4816b84db1c71b7a8a620cda11a7d0dc8c8767?s=96&d=mm&r=g","caption":"Balazs Szekely"},"description":"Balazs covers the workspace trends, tools, and strategies that help organizations make hybrid work actually work, from access and space management to keeping distributed teams connected. A journalist by training with a career spanning radio, print, and digital media, Balazs has held content roles across multiple Yardi products and teams. His writing has been featured in The New York Times, The Washington Post, and The Wall Street Journal, as well as on CBS, CNBC, and more. Outside of work, Balazs is passionate about photography, winter sports, and nature, and never misses a chance to explore a new city. Drop him a line via email.","sameAs":["https:\/\/www.linkedin.com\/"],"jobTitle":"Senior Creative Writer","worksFor":"WorkCafe","url":"https:\/\/www.commercialsearch.com\/news\/author\/balazs-szekely\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004089851","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004089851"}],"version-history":[{"count":2,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004089851\/revisions"}],"predecessor-version":[{"id":1004554324,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004089851\/revisions\/1004554324"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004089851"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004089851"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004089851"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}