Parkway Properties, Inc. began the year with the announcement that it is under contract to sell a portfolio of 15 non-core assets for a gross sale price of $147.5 million, along with the completion of the sale of its interest in nine assets under Parkway Properties Office Fund, L.P. The portfolio sale is expected to close during the first quarter of 2012, subject to the buyer's successful assumption of certain existing mortgage loans and customary closing conditions. The portfolio was 75.8 percent occupied as of September 30, 2011.
"Part of Parkway's new strategy, which will be outlined in its entirety during our fourth quarter earnings conference call, is to pursue an efficient exit from certain non-core markets," Parkway President and CEO James R. Heistand said in a statement. "As a result of the thorough review of all of our markets, we determined that Jackson, Memphis and Richmond were non-core markets. A portfolio sale of these assets allows us to quickly realign our overall portfolio and focus our resources and capital on building critical mass in our remaining core markets."
Upon the completion of the sale of the non-core portfolio and other announced pending sales, Parkway would have one remaining asset located in Jackson totaling 267,000 square feet, one remaining asset located in Memphis totaling 337,000 square feet, and completed its exit from Richmond. The remaining assets in Jackson and Memphis will continue to be marketed for sale.
For more news and information visit Blumberg Capital Partners.
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