Crocker Portfolio Sale Deal Goes South

The plan to sell locally-based Crocker Realty Trust’s entire 6.1 million-sf portfolio for $500 million or $81.97 psf is off. The holdings will likely be sold piecemeal.

Investors Skip Stoltz and Mike Masanoff had contracted in June to acquire Crocker Realty’s package of 126 mostly office buildings in Florida, Georgia, Mississippi, North Carolina, Tennessee and Virginia. They had previously scored a major coup when they bought the former IBM campus in Boca Raton for $46 million in 1996 and sold it this year for $138.65 million, or a gross gain of 200%.

Company founder Tom Crocker initially intended to sell the properties individually but reconsidered when the package offer came through. “It was a good offer from a strong group,” Crocker says, “but for whatever reason, it just didn’t work out for them.”

Crocker gave up day-to-day control of Boca Raton-based Crocker Realty in March when he became CEO of the Koger Equity REIT in Jacksonville, FL.