(JOE) St. Joe Company Sells Perico Island Asset

October 8th, 2009

The St. Joe Company (JOE), a publicly held operationally diverse real estate company, has recently sold its property in Perico Island, Florida for about $8 million to Minto Communities LLC, the U.S. subsidiary of the Canadian real estate company Minto Group Inc.

St. Joe had earlier halted work on the 684-unit residential condo project on the island as substantial units were not sold to warrant construction. Furthermore, St. Joe had also completed a corporate reorganization and exited the home building business during the third quarter of 2006. Consequently, the company decided to get rid of its Perico Island property.

Initial infrastructure of the project has already been put in place Incorporatedluding a 32-acre man-made lake. The Minto Group plans to continue the development work on the island in 2010. Minto Communities had built approximately 19,000 homes across Southeast Florida and the recent acquisition is the largest of its kind in the West Coast region.

Based in Jacksonville, St. Joe is one of Florida’s largest real estate developers and owns approximately 49,000 acres of land that allow for the development of 46,500 residential units and over 14 million square feet of commercial uses. In addition, the company is also engaged in timber operations on vast tracts of rural land.

Zacks Investment Research
View original at: Zacks.com News Feed

More on this topic (What's this?)
St. Joe Deep Water Port Expansion Gets Support (Wall Street Sector Selector, 10/14/11)
Tracking David Einhorn’s Q2 Portfolio Moves (The Enlightened American, 8/16/11)
Setting the Record Straight on St. Joes (JOE) (Cheap Stocks, 7/7/10)
David Einhorn’s Huge Short Is On An Unbelievable Winning Streak (JOE) (Wall Street Sector Selector, 6/13/11)
Read more on St. Joe Company at Wikinvest

Related Posts:

  1. (TCO) Taubman Centers Writes Down Asset ValuesTaubman Centers Inc. (TCO) recently said it would record impairment charges of $161 million to...
  2. (AXP) Less Hunger for Term Asset-backed Securities Loan Facility (TALF)The U.S. Federal Reserve on Thursday said that it has sanctioned $6.5 billion in loans...
  3. (VNO) Vornado Realty Trust Sells Property in Washinton DCVornado Realty Trust (VNO), a leading real estate investment trust (REIT), recently announced the sale...
  4. (VRSN) VeriSign Sells its Messaging BusinessVeriSign Inc. (VRSN) yesterday agreed to sell its messaging business to Syniverse Holdings Inc. (SVR)...
  5. (LNC) Lincoln Sells Asset Management UnitLincoln National Corporation (LNC) has agreed to sell its asset management unit, Delaware Investments, to...
  6. (VVTV) Asset Play with ValueVision Media Inc.Every now and then I like to give guest authors a chance to share their...


Search Posts by Tag: | | Financial | Real Estate Development

RSS Feeds by Tag: JOE | The St. Joe Company | Financial | Real Estate Development |

Other Posts by: | RSS Feed for this author