JACKSON, Miss., Dec. 18 /PRNewswire-FirstCall/ -- Parkway Properties,
Inc. (NYSE: PKY) today announced the closing of the fee simple sale of
three properties located in Atlanta, Georgia. The three properties,
Hightower Centre, Pavilion Center and Roswell North, total 181,000 square
feet in various submarkets with a combined occupancy of 76.6% and were sold
for a combined sales price of $17.2 million. Parkway received net cash
proceeds from the sale of approximately $16.6 million and will recognize a
gain on the sale of approximately $1.6 million in the fourth quarter. The
sales price represents a capitalization rate of approximately 4.9% on
projected 2007 cash net operating income for the three buildings combined.
Parkway Realty Service was retained to provide management services for the
properties. Proceeds from the sale were used to repay amounts outstanding
under the Company's lines of credit.
(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, acquisition, ownership, management, and leasing of office
properties. The Company is geographically focused on the Southeastern and
Southwestern United States and Chicago. Parkway owns or has an interest in
63 office properties located in 11 states with an aggregate of
approximately 12.7 million square feet of leasable space as of December 18,
2006. The Company also offers fee- based real estate services through its
wholly owned subsidiary, Parkway Realty Services, to its owned properties
and to its third party and minority interest properties.
Parkway Properties, Inc.'s press releases and additional information
about the Company are available at http://www.pky.com.
Contact: Steven G. Rogers
President & Chief Executive Officer
William R. Flatt
Chief Financial Officer
(601) 948-4091
SOURCE Parkway Properties, Inc.
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Related links:
http://www.pky.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20030513/PARKLOGO
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 William R. Flatt, Chief Financial Officer,
+1-601-948-4091, both of Parkway Properties, Inc.
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