ORLANDO, FL /PRNewswire/ -- Parkway Properties, Inc. (NYSE: PKY) announced that 12 of the 15 properties included in Parkway's previously announced portfolio sale of non-core assets (the "Non-Core Portfolio") have closed. The 12 assets sold include five assets in Richmond, four assets in Memphis, and three assets in Jackson.
The closings occurred in different phases throughout the first quarter of 2012 and generated total net proceeds to Parkway of approximately $88.1 million. The sold properties total 1.5 million square feet and were a combined 79.5% occupied as of January 1, 2012.
The three remaining assets that were part of the Non-Core Portfolio sale that have not yet closed are The Pinnacle at Jackson Place (top left photo) ("The Pinnacle"), Parking at Jackson Place (middle right photo), and 111 Capitol Building (middle left photo), all located in Jackson.
The Pinnacle and Parking at Jackson Place are expected to close during the second quarter of 2012, subject to the buyer's successful assumption of the existing mortgage loan and customary closing conditions. The contract to sell 111 Capitol Building has expired without a sale.
Parkway has now completed its exit from Richmond and only has one remaining asset in Memphis, the Morgan Keegan Tower totaling 337,000 square feet located in the Memphis central business district.
Once the sale of The Pinnacle and Parking at Jackson Place is complete, Parkway will have two remaining assets in Jackson - City Centre (lower right photo), a 267,000 square foot office property, and 111 Capitol Building, a 187,000 square foot office property, both located in the Jackson central business district. Parkway will continue to pursue a sale of these remaining assets in Jackson and Memphis.
All of the Non-Core Portfolio assets sold to-date were unencumbered with debt at closing, with the exception of River Oaks Place and the UBS Building in Jackson, which were owned in a joint venture in which Parkway had a 20% ownership share. Parkway's share of the debt in that joint venture was $2.4 million. The Pinnacle currently serves as collateral for a $29.5 million mortgage loan.
Contact:
James R. Heistand,
President and Chief Executive Officer
Richard G. Hickson IV
Chief Financial Officer
(407) 650-0593
Web Site: http://www.pky.com/
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