Parkway Sells Off 19 Properties Recently Acquired In $475 Million Portfolio Acquisition

Oct 08, 2014 No Comments by

When Parkway Properties purchased a suburban office portfolio a few weeks ago in a $475 million acquisition, the company made it clear it had plans to sell 19 of the buildings that came in the portfolio, holding onto just 3 of the properties in the portfolio: Corporate Center I, II and III at International Plaza, located in in Tampa’s Westshore submarket .

It didn’t take long for Parkway to make good on that promise.

The company is selling 19 of the office buildings in that portfolio for $237 million.

“The successful disposition of the 19 office buildings that were included in our recently announced portfolio acquisition will allow us to achieve our ultimate goal of acquiring the three Corporate Center assets in Tampa, where we believe we can add considerable value,” says James R. Heistand, president and CEO of Parkway. “This transaction is yet another example of our commitment to source and structure transactions that result in Parkway’s acquisition of high-quality properties at favorable pricing.”

Corporate Center I, II and III at International Plaza total nearly 1 million square feet.The other 19 buildings are located in six states and span about 2.1 million square feet. Parkway is selling off the assets because they are not consistent with the firm’s investment strategy. Parkway expects the sale to close sometime in the fourth quarter.

Tampa Bay Business Journal reports the portfolio is linked to a trust for the family of Prince Abdul Aziz bin Fahd of Saudi Arabia. The buildings are reportedly in Florida, Georgia, Kentucky, North Carolina, Texas, and Virginia, but Parkway did not list the individual cities or assets.

According to the Orlando Business Journal, three buildings in Orlando’s Central Florida Research Park are part of the disposition: One, Two and Three Resource Square buildings. Brookdale Group and Crescent Resources owned those buildings before Parkway grabbed them in its mega deal last month.

 

Source:  GlobeSt.

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Industry News, NA, Office
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