Published:
Parkway Properties Announces Sale of Norfolk, Virginia Asset
JACKSON, Miss., July 16 /PRNewswire-FirstCall/ -- Parkway Properties, Inc.
(NYSE: PKY) today announced the closing of the fee simple sale of the Town
Point Center office property inNorfolk, Virginia. Town Point Center, which
is located in theDowntown Norfolk submarket, is a 131,000 square foot
property that is 96.7% occupied as of July 1, 2008. The gross sales price was
$12.75 million and represents a capitalization rate of approximately 7.9% on
twelve months projected cash net operating income from the date of closing.
Parkway received net cash proceeds from the sale of approximately $12.0
million, which were used to reduce amounts outstanding under the Company's
bank lines of credit. The Company will recognize a gain on the sale of
approximately $1.6 million in the third quarter.
Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a
self-administered real estate investment trust specializing in the operation,
leasing, acquisition, and ownership of office properties. The Company is
geographically focused on the Southeastern andSouthwestern United States and
Chicago. Parkway owns or has an interest in 68 office properties located in 11
states with an aggregate of approximately 14.0 million square feet of leasable
space as of July 16, 2008. Included in the portfolio are 21 properties
totaling 3.8 million square feet that are owned jointly with other investors,
representing 27.1% of the portfolio. Under the Company's GEAR UP Plan, which
started January 1, 2006 and ends December 31, 2008, it is the Company's goal
to transform its strategy from being an owner-operator to being an
operator-owner. The strategy highlights the Company's strength in providing
excellent service in the operation of office properties in addition to its
direct ownership of real estate assets. Fee-based real estate services are
offered through the Company's wholly-owned subsidiary, Parkway Realty
Services, which also manages and/or leases approximately 1.6 million square
feet for third party owners as of July 16, 2008.
Parkway Properties, Inc.'s press releases and additional information about
the Company are available on the World Wide Web at http://www.pky.com .
CONTACT: STEVEN G. ROGERS
PRESIDENT & CHIEF EXECUTIVE OFFICER
J. MITCHELL COLLINS
CHIEF FINANCIAL OFFICER
(601) 948-4091
SOURCE Parkway Properties, Inc.
Copyright © 2008, PRNewswire
Copyright © 2008, NewsBlaze,
Daily NewsTags: Real Estate, Banking and Finance, mississippi, texas, virginia
_ _Is your favorite bookmark site missing?
Ask for it.
Search News
Daily News
