Starwood Real Estate Income Trust(SREIT) has acquired a Class A office portfolio totaling 1.27 million square feet across 11 buildings in Jacksonville, Florida, through an off-market transaction for $231 million, excluding closing costs.
The portfolio is located within Deerwood Park submarket, which commands the highest asking rents and lowest vacancy rate in Jacksonville.
“The Florida Office Portfolio is another example of SREIT acquiring high-quality real estate in markets with strong population and job growth,” said John McCarthy, CEO and President of SREIT.
“SREIT focuses on markets with strong growth dynamics because they drive occupancies, rents, and values upward. We like Florida in particular because it led the nation in job growth in 2018. We were also attracted to the portfolio’s diversity of tenants, with more than 65% financially strong credit tenants including Fidelity Investments, The Adecco Group, and JP Morgan,” he added.
With the closing of this acquisition, SREIT’s portfolio totals $770M in total asset value across 26 properties.