Parkway Properties Inc
) - an office real estate investment trust (REIT) - declared the
accomplishment of the sale of three assets located in Atlanta and
Nashville. The move has helped the company rope in about $50.5
million as total net proceeds.
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The properties sold by Parkway include Waterstone, Meridian and
Bank of America Plaza. The Waterstone property is situated in the
Airport/South submarket of Atlanta, Ga. and spans over 93,000
square feet. The Meridian property is situated in the Northwest
submarket of Atlanta, spanning over 97,000 square foot. The Bank
of America Plaza is located in the Central Business District of
Nashville, Tenn. and spans over 436,000 square feet.
On Jul 10, 2013, Parkway concluded the sale of Waterstone and
Meridian at a gross sale price of $3.4 million and $6.8 million,
respectively. Moreover, these assets were 52.1% and 74.7%
occupied, respectively, upon closing.
Further, on Jul 17, 2013, Parkway completed the sale of Bank of
America Plaza. The gross sale price of the property was $42.8
million and was 93.1% occupied upon closing.
Parkway expects a $4.6 million impairment charge in the second
quarter of 2013 due to the sale of two assets situated in
Atlanta. Additionally, Parkway expects to earn about $11.9
million related to the sale of Bank of America Plaza in the third
quarter of 2013.
Parkway owns, acquires and manages premium office properties in
vibrant submarkets in the Sunbelt region of the U.S. As of Apr 1,
2013, the company had interest in 45 office properties (spanning
approximately 13.0 million square feet) located across 8 states.
The sale of assets is expected to increase its financial
Parkway currently carries a Zacks Rank #4 (Sell). Some REITs that
are performing better include
DiamondRock Hospitality Company
Franklin Street Properties Corp
Winthrop Realty Trust
). All these carry a Zacks Rank #1 (Strong Buy).