Fort Worth, TX.-based TPG has scooped up a 1.3 million sqf office portfolio in Jacksonville for a combined purchase price of $195 million. The deal includes Deerwood South, a four-building, 521,845 sqf complex on Deerwood Park Boulevard and Deerwood North, a four-building, 496,373 sqf complex on Touchton Road just north of Gate Parkway. Also included in the sale were the JTB Center, a two-building, 246,000 sqf complex on Gate Parkway. The seller, Parkway Properties of Orlando, paid $130 million for Deerwood North on Touchton Road and Deerwood South in 2013. Parkway announced in May that it would merge with Cousins Properties and sell off its Jacksonville holdings as a result. The purchase was finalized with a $111.5 million mortgage provided by Wells Fargo Bank.
