ORLANDO—When Parkway Properties targeted a trio of class A office properties in Tampa's Westshore submarket a few weeks ago as part of a $475 million acquisition, the company made it clear it had plans to sell 19 of the buildings that came in the portfolio. It didn't take long for Parkway to make good on that promise.
The company is selling 19 office buildings for $237 million. That puts the price of Corporate Center I, II, and III at International Plaza in Tampa at about $238 million.
"The successful disposition of the 19 office buildings that were included in our recently announced portfolio acquisition will allow us to achieve our ultimate goal of acquiring the three Corporate Center assets in Tampa, where we believe we can add considerable value,” says James R. Heistand, president and CEO of Parkway. “This transaction is yet another example of our commitment to source and structure transactions that result in Parkway's acquisition of high-quality properties at favorable pricing."
The 19 buildings are located in six states and span about 2.1 million square feet. Parkway is selling off the assets because they are not consistent with the firm's investment strategy. Parkway expects the sale to close sometime in the fourth quarter.
Tampa Bay Business Journal reports the portfolio is linked to a trust for the family of Prince Abdul Aziz bin Fahd of Saudi Arabia. The buildings are reportedly in Florida, Georgia, Kentucky, North Carolina, Texas, and Virginia, but Parkway did not list the individual cities or assets.
According to the Orlando Business Journal, three buildings in Orlando's Central Florida Research Park are part of the disposition: One, Two and Three Resource Square buildings. Brookdale Group and Crescent Resources owned those buildings before Parkway grabbed them in its megadeal last month.
GlobeSt.com reached out to Ted McHugh, director of investor relations at Parkway, for more information on the assets being sold. We will update this story when Parkway replies.
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