Parkway Properties, Inc., an Orlando, Florida-based real estate investment trust, announced this week that it had acquired its co-investor's 70% interest in the Bank of America Center, located in Orlando, Florida, that was previously owned by Parkway Properties Office Fund II, L.P. Parkway takes full ownership of the asset for $52.5 million, or about $178 per square foot, which values the property at $75 million, according to a CoStar report. The acquisition was funded using approximately $28.8 million of cash and the assumption of $23.7 million of in-place mortgage indebtedness that is secured by the property.
"We remain committed to building a high-quality portfolio of assets located in targeted submarkets throughout the Sunbelt. The Bank of America Center is our headquarters location and is a landmark asset in the Orlando CBD. It is a core-plus investment that has a solid base of high-quality, credit tenants with the opportunity to add value through leasing the remaining vacancy at the building," said James Heistand, Parkway Properties' President and Chief Executive Officer.
The Bank of America Center at 390 N. Orange Ave. is a 28-story, 421,069 square foot Class A office tower originally constructed in 1988 with design by Morris Architects. Also known as Barnett Bank Center and NationsBank at duPont Centre, the property was 87.4% occupied in October 2013, with Parkway expected it to generate an initial full-year cash net operating income yield of approximately 6.3%.
For more news and information visit Blumberg Capital Partners.
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