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| James R. Heistand |
ORLANDO, FL /PRNewswire/ -- Parkway Properties, Inc. (NYSE:
PKY) announced it has entered into a purchase and sale agreement to acquire a
portfolio of eight office properties totaling 1.0 million square feet located
in the Deerwood submarket of Jacksonville, Florida (the "Deerwood
Portfolio") for a purchase price of $130 million.
The properties were
developed in phases from 1996 through 2005 and are currently a combined 93.7%
occupied with an average in place gross rent per square foot of $19.11.
James R. Heistand, Parkway's President and Chief
Executive Officer, stated, "We believe the Deerwood portfolio offers a
stable, core investment with strong occupancy and a high-quality rent
roll.
" The Deerwood submarket has been a
targeted growth area for Parkway given its prime location and the many
amenities it offers, attracting a multitude of institutional and strong credit
tenants to the area.
“Parkway will have a critical mass in this submarket, owning
approximately 29% of the total office inventory, which should provide us with
operational efficiencies and leasing advantages. In addition, our attractive cost basis of $128 per square foot
represents a significant discount to estimated replacement cost."
For a complete copy of the company’s news release, please
contact:
Thomas E. Blalock
Vice President of Investor Relations
(407) 650-0593
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