JACKSON, MS /PRNewswire-FirstCall/ -- Parkway Properties, Inc. (NYSE:PKY) announced the closing of the fee simple sale of the Wachovia Plaza (top right photo) office property, located in the CBD of St. Petersburg, Florida, and the assignment of the leasehold interest in 240 parking spaces in the adjacent Mid-Core Garage owned by the City of St. Petersburg.Wachovia Plaza is a 186,000 square foot property that was 97.8% occupied as of August 1, 2008. The gross sales price was $26.0 million and represents a capitalization rate of approximately 6.8% on twelve months projected cash net operating income from the date of closing.
Parkway received net cash proceeds from the sale of approximately $25.0 million, which were used to reduce amounts outstanding under the Company's line of credit. The Company will recognize a gain on the sale of approximately $9.3 million in the third quarter of 2008.CONTACT: Steven G. Rogers, President & Chief Executive Officer, or J.Mitchell Collins, Chief Financial Officer, +1-601-948-4091, both of Parkway Properties, Inc.Web site: http://www.pky.com/
No comments:
Post a Comment