The St. Joe Company Purchases 158,262 Square Foot Office Building in Charlotte, NC; Acquisition Is Part Of Company's Capital Redeployment Program.Business Editors JACKSONVILLE, Fla.--(BUSINESS WIRE)--Sept. 30, 2003 St. Joe Commercial, the commercial investment, asset management and development division of The St. Joe Company The St. Joe Company (NYSE: JOE)is a land development company and Florida's largest private landowner, owning about 805,000 acres (0 km) in the state [1]. (NYSE NYSE See: New York Stock Exchange :JOE), announced today that The St. Joe Company has acquired Crescent Ridge One, a multi-tenant 5-story office building in Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. . This 158,262 square foot acquisition is part of the company's capital redeployment re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. program. Crescent Ridge One was built in 2001 as the first of five planned buildings in the Crescent Ridge Office Park. The suburban Class A building is 100 percent occupied under long-term leases by two tenants, Time Warner Entertainment and The Inspirational Network. The building's amenities include a 567 square foot workout Workout Informal repayment or loan forgiveness arrangement between a borrower and creditors. workout 1. The process of a debtor's meeting a loan commitment by satisfying altered repayment terms. room with lockers and showers, as well as convenient access to many area restaurants, hotels and the airport. The park is located in the Northwest quadrant quadrant, in analytic geometry quadrant. 1 In analytic geometry, one of the four regions of the plane determined by two lines, the x-axis and the y-axis. of I-77 and Arrowood Road, just north of the I-485 interchange. As part of the transaction, the developer and seller will continue to lease and manage Crescent Ridge One on behalf of St. Joe. "This acquisition provides the combination of a quality development with excellent tenancy and long term stability to serve as a platform for the company's position in the Charlotte market," said Frank Herring, president of St. Joe Commercial. The Crescent Ridge One purchase is part of St. Joe's capital redeployment program, in which proceeds from the sale of certain parcels of the company's land in Northwest Florida are reinvested in income producing multi-tenant office properties in select markets. "Charlotte and the surrounding vicinity is a core Southeast real estate market in which St. Joe did not have an ownership presence," said Scott R. Kaufmann, director of real estate investments for St. Joe Commercial. "We strongly believe that it compliments our broader acquisition strategy and intend to continue to focus on this market in 2004 and beyond." Including this acquisition, St. Joe's portfolio of commercial office buildings acquired through its capital redeployment program is approximately 1.8 million square feet and represents an aggregate investment of more than $251 million. About St. Joe Commercial St. Joe Commercial is the commercial real estate development unit of The St. Joe Company, based in Jacksonville, Florida “Jacksonville” redirects here. For other uses, see Jacksonville (disambiguation). Jacksonville is the largest city in the state of Florida and the county seat of Duval County. . St. Joe Commercial has developed over 3.5 million square feet of commercial and industrial space since its inception in 1998. About St. Joe The St. Joe Company, a publicly held company based in Jacksonville, is one of Florida's largest real estate operating companies operating company A business that engages in transactions with outsiders. . It is engaged in community, commercial, industrial, and resort development, along with commercial real estate services. The company also has significant interests in timber. More information about St. Joe can be found online at http://www.joe.com. (C)2003 The St. Joe Company. "St. Joe Commercial" and the "taking flight" logo are registered service marks of The St. Joe Company. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such matters involve risk and uncertainty, and there can be no assurance that the results described in such forward-looking statements will be realized. Such statements are based on current expectations and are subject to certain risks. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, the company's actual performance may differ materially from that indicated or suggested by any forward-looking statement contained herein. Additional risk factors that may cause actual results to differ materially from those expressed in forward-looking statements contained in the press release are described in various documents filed by the company with the U.S. Securities and Exchange Commission, including the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2002 and the company's Prospectus dated September 16, 2003. |
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