Business & Finance
Business and Finance
Business and Finance
Tue, July 10, 2012
Mon, July 9, 2012 Parkway Announces Completion of Fund I Sales and Sale of New Orleans Office Property
Parkway Announces Completion of Fund I Sales and Sale of New Orleans... -- ORLANDO, Fla., July 9, 2012 /PRNewswire/ --
Parkway Announces Completion of Fund I Sales and Sale of New Orleans Office Property
ORLANDO, Fla., July 9, 2012 /PRNewswire/ -- Parkway Properties, Inc. (NYSE: [ PKY ]) announced today that it has completed the previously announced sale of 100 Ashford Center and Peachtree Ridge, both located in Atlanta, for a gross sale price of $29.9 million. These assets were part of the Company's first discretionary fund known as Fund I, and with the closing of this transaction the Company has completed the sale of all the assets that were part of this fund. The two assets totaled 321,000 square feet and were a combined 74.6% occupied at closing. The buyer assumed the $29.7 million first mortgage secured by the properties, and Parkway received approximately $211,000 in net proceeds from the sale.
(Logo: [ http://photos.prnewswire.com/prnh/20030513/PARKLOGO ] )
In addition, the Company sold a 32,000 square foot office property in New Orleans for $765,000. The property was 100% vacant and was unencumbered with debt at closing. Parkway received approximately $742,000 in net proceeds from the sale.
About Parkway Properties
Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the ownership of quality office properties in higher growth submarkets in the Sunbelt region of the United States. Parkway owns or has an interest in 42 office properties located in 10 states with an aggregate of approximately 10.7 million square feet of leasable space at June 6, 2012. Fee-based real estate services are offered through wholly-owned subsidiaries of the Company, which in total manage and/or lease approximately 12.2 million square feet for third-party owners at June 6, 2012.
Parkway Properties, Inc.'s press releases and additional information about the Company are available on the Company's website at [ www.pky.com ].
Contact:
Thomas E. Blalock
Vice President of Investor Relations
(407) 650-0593
SOURCE Parkway Properties, Inc.
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RELATED LINKS
[ http://www.pky.com ]
