Parkway Properties, Inc. PKY announced today the purchase of Tempe Gateway, a 264,000 square foot
office tower located in the Tempe submarket of Phoenix, Arizona, for a
purchase price of $66.1 million. Tempe Gateway was built in 2009 and is
currently 73.9% occupied. The property is expected to generate a 2013
estimated cash net operating income yield of approximately 5.0%. The Company
does not plan to place a secured first mortgage on the property at this time.
With this purchase, Parkway owns 788,000 square feet in the Tempe submarket of
Phoenix.
On December 31, 2012, Parkway completed the previously announced purchase of
NASCAR Plaza for approximately $100 million. NASCAR Plaza was built in 2009
and is a 20-story, LEED^® Silver certified office tower. Parkway assumed the
first mortgage secured by the property, which has a current outstanding
balance of approximately $42.3 million with a current interest rate of 4.7%
and a maturity date of March 30, 2016; however, Parkway intends to amend and
restate the loan to current market terms.
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