New Parkway Acquisition Hits 1M-SF Level Locally

ATLANTA-Parkway Properties Inc., based in Jackson, MS, has hit the one million-sf level of metro area-owned assets with the $42 million acquisition of the four-building, 366,119-sf, 88%-leased Peachtree Dunwoody Pavilion office campus in the Central Perimeter submarket here.

In a prepared statement, Steven G. Rogers, the REIT’s president and CEO, says he factored in $2 million in closing costs, anticipated first-year capital expenditures and leasing commissions into the $40-million contract. That would bring the effective per-sf price of the 20-acre property to $115.

Parkway is funding the acquisition with proceeds from the tax-deferred sales of the BB&T Financial Center in Winston-Salem, NC on Aug. 1 and with proceeds from a new common stock issue on March 24, 2003, Rogers says.