St. Joe (JOE) Acquires Panama City Beach Office Buildings
Zacks Investment Research | Apr 11, 2017 09:46PM ET
The St. Joe Company (NYSE:JOE) recently announced the acquisition of the Panama City Beach office buildings. The move reflects the company’s diligent efforts to diversify its business and capitalize on growth potentials in the Panama City Beach and Bay County region.
Specifically, the company acquired the Beckrich I and Beckrich II office buildings, which are situated at the intersection of Richard Jackson Boulevard and U.S. 98 in Panama City Beach, FL. These properties are likely to experience solid demand for space, given that they are placed in a flourishing community with restaurants, shopping, schools, healthcare facilities and growing residential communities, like Breakfast Point, in the vicinity.
The two, 2-story Class A office buildings are located on around 5.5 acres. They total more than 67,000 net leasable square feet, with 278 parking spaces. Further, the buildings can accommodate a vast category of users, with space available for lease ranging from 1,000 square feet to over 11,000 square feet.
However, shares of St. Joe underperformed the Zacks categorized Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.