Finance REITs
Parkway Pockets $25M in Sale of St. Petersburg Office
Aug 20, 2008
By: Barbra Murray, Contributing Editor

Parkway Properties Inc. has concluded the $26 million disposition of Wachovia Plaza, a 186,000-square-foot office asset in St. Petersburg, Fla., that the company has owned since 1998.

The deal left the REIT with a net $25 million in cash, and included the assignment of the leasehold interest in 240 parking spaces in the neighboring Mid-Core Garage, which is owned by the City of St. Petersburg.

Orlando-based CNL Commercial Real Estate is now the new owner of Wachovia Plaza, as per the Tampa Bay Business Journal. Located at 150 Second Ave. North, Wachovia Plaza is a 17-story structure that was developed in 1985. At the time of the sale, the property was 97.8 percent occupied.

Parkway plans to use the proceeds from the sale of Wachovia Plaza to pay down debt under its line of credit.

Parkway is a self-administered REIT focused on the acquisition, operating and leasing of office properties in Chicago, as well as Southeastern and Southwestern United States. The company presently has a portfolio of 21 properties totaling approximately 13.8 million square feet in 11 states.

 
Recent REITs Headlines
Economists, Finance Leaders Take Capital Markets’ Pulse at Manhattan Conference
Nov. 18, 2008
How the global financial system got to its current state--and prospects for commercial real estate capital markets--took center stage Monday at a capital markets conference in Manhattan sponsored by the law firms Goodwin Procter L.L.P. and SJ Berwin L.L.P.
$2B Deal for Pair of NYC Offices Reportedly Falls Through
Nov. 18, 2008
Two New York City office properties are back on the market, as a deal under which George Comfort & Sons would have acquired the assets--1540 Broadway and Worldwide Plaza--for some $2 billion has fallen through.
COPT Breaks Ground on Maryland Office Project
Nov. 17, 2008
Corporate Office Properties Trust has broken ground on the first office building at North Gate Business Park located adjacent to the Aberdeen Proving Ground in Harford County, Md. COPT will soon start a second building at the site. The 80,000- to 85,000-square-foot buildings will cost an estimated $16.5 million each, for a total of $33 million.
rakowich New ProLogis CEO Details Plans to Put Company Back on Track
Nov. 14, 2008
In a presentation to investors Thursday, new ProLogis CEO Walter Rakowich, the company’s former president & COO, fleshed out some specifics about how the world’s largest developer/owner of distribution facilities will move forward past its current crisis. In addition, a new report on equity REITs documents just how much those entities have been shaken up lately.
Weingarten, Hines REIT Form $271M Venture
Nov. 14, 2008
Weingarten Realty Investors and Hines Real Estate Investment Trust Inc. have formed a joint venture, in which a subsidiary of Hines REIT will acquire a 70 percent interest in a Weingarten portfolio of 12 supermarket-anchored shopping centers.
 

 

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