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Starwood Real Estate acquires Jacksonville, Fla., office portfolio for $231M

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Starwood Real Estate acquires Jacksonville, Fla., office portfolio for $231M

A unit of Starwood Real Estate Income Trust Inc. purchased a fee-simple interest in a class-A office property portfolio in Jacksonville, Fla., in an off-market deal for $231 million.

The company noted that the acquisition was made in a joint venture with affiliates of Vanderbilt Office Properties LLC and Trinity Capital Advisors Inc., with Starwood owning 97% of the joint venture.

The portfolio is 90% leased and counts Fidelity Investments, The Adecco Group and JP Morgan Chase Bank NA among its largest tenants.

Starwood financed the purchase using cash on hand and a new property-level debt from Wells Fargo.