Press Release
August 17, 2000
TALLAHASSEE, FL -- Arvida Realty Services, a business unit of The St. Joe Company (NYSE:JOE), has announced that
it has purchased certain assets of Investors Realty located in the Deerfield Office Park at 3375 Capital Circle
East. The announcement was made by Jim Burr, Regional President for Arvida Realty Services, Northwest Florida,
and principal owner, Gwen Morgan. Arvida Realty Services now operates 8 offices in Northwest Florida. Mrs. Morgan
will continue to manage the Tallahassee office as Broker.
``Investors Realty is a well-established Tallahassee company and enjoys a solid reputation specializing in residential
real estate and property management,'' said Burr. ``We wanted to expand our market presence to Tallahassee and
recognized Gwen's firm and her sales staff of 28 real estate professionals as an excellent entree into this market.''
``We decided to join Arvida Realty Services for a number of reasons including the company's reputation as a quality,
well-managed organization,'' said Morgan. ``Investor Realty has always been committed to the highest professional
standards and level of customer service possible, and we pride ourselves on our record of client satisfaction.
I now look forward to bringing the Arvida Realty Services name and the many services they offer to Tallahassee.''
Investors Realty was founded in 1974 under the leadership of Robert Bryson. Over the years it grew and diversified
offering residential, commercial and property management services and a security division. These services were
consolidated in the early 1980s and became Investors Companies of Florida at that time. Mrs. Morgan joined Investors
Realty in 1976 and has held progressively responsible positions with the firm. She was named Manager of the Year
for the firm eight times from 1981 to 1989. In 1990 all of the residential services were relocated to one location
and she became president and broker manager at that time. ``I have spent 26 years specializing in Tallahassee real
estate and felt that it was time to affiliate with a company that could help us broaden our opportunities to better
serve our clients and enhance our associates' marketing abilities. For us to grow, keep pace with technology and
meet customer demands, we saw a partnership with Arvida Realty Services as the ideal solution,'' she stated.
Headquartered in Clearwater, Arvida Realty Services is the state's largest independent real estate brokerage and
the 7th largest in the nation with more than 100 offices located throughout the state and 3,200 licensed sales
professionals and 700 employees affiliated with the company. It offers residential and commercial real estate sales,
relocation services, asset and property management, title and mortgage services, annual and seasonal rentals, resort
management and international real estate marketing.
The St. Joe Company, a publicly held company based in Jacksonville, is Florida's largest real estate company. It
is engaged in community, commercial, industrial, hospitality, leisure, and resort development, along with residential
and commercial real estate services. The company also has significant interests in timber.
For more information about Arvida Realty Services, see the company's web site at www.ArvidaRealty.com. More information
about St. Joe can be found at the St. Joe web site, www.joe.com.
The above discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Such statements are based on current
expectations and are subject to certain risks, uncertainties and assumptions. 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.
``Arvida'' is a registered trademark. ``Arvida, a St. Joe Company'' and the ``taking flight'' logo are service
marks of The St. Joe Company.
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Contact:
Arvida Realty Services, Tallahassee
Linda Burger, EVP, Marketing & Communications
727/723-6004
lburger@arvidaservices.com