JACKSON, Miss., July 16 /PRNewswire-FirstCall/ -- Parkway Properties,
Inc. (NYSE: PKY) today announced the closing of the fee simple sale of the
Town Point Center office property in Norfolk, Virginia. Town Point Center,
which is located in the Downtown Norfolk submarket, is a 131,000 square
foot property that is 96.7% occupied as of July 1, 2008. The gross sales
price was $12.75 million and represents a capitalization rate of
approximately 7.9% on twelve months projected cash net operating income
from the date of closing. Parkway received net cash proceeds from the sale
of approximately $12.0 million, which were used to reduce amounts
outstanding under the Company's bank lines of credit. The Company will
recognize a gain on the sale of approximately $1.6 million in the third
quarter.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030513/PARKLOGO )
Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a
self-administered real estate investment trust specializing in the
operation, leasing, acquisition, and ownership of office properties. The
Company is geographically focused on the Southeastern and Southwestern
United States and Chicago. Parkway owns or has an interest in 68 office
properties located in 11 states with an aggregate of approximately 14.0
million square feet of leasable space as of July 16, 2008. Included in the
portfolio are 21 properties totaling 3.8 million square feet that are owned
jointly with other investors, representing 27.1% of the portfolio. Under
the Company's GEAR UP Plan, which started January 1, 2006 and ends December
31, 2008, it is the Company's goal to transform its strategy from being an
owner-operator to being an operator-owner. The strategy highlights the
Company's strength in providing excellent service in the operation of
office properties in addition to its direct ownership of real estate
assets. Fee-based real estate services are offered through the Company's
wholly-owned subsidiary, Parkway Realty Services, which also manages and/or
leases approximately 1.6 million square feet for third party owners as of
July 16, 2008.
Parkway Properties, Inc.'s press releases and additional information
about the Company are available on the World Wide Web at http://www.pky.com
.
CONTACT: STEVEN G. ROGERS
PRESIDENT & CHIEF EXECUTIVE OFFICER
J. MITCHELL COLLINS
CHIEF FINANCIAL OFFICER
(601) 948-4091
SOURCE Parkway Properties, Inc.
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Related links:
http://www.pky.com
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AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/103115.html /
CONTACT:
Steven G. Rogers, President & Chief Executive
Officer, or J. Mitchell Collins, Chief Financial Officer, both of
Parkway Properties, Inc., +1-601-948-4091
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