Parkway Properties downsizes in Florida

Move aims to cut costs

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

Parkway Properties Inc. recently announced the sale of the Central Station Building, a 133,000-square-foot office building in St. Petersburg, Fla. The value of the transaction was $15 million. Parkway said it received net cash proceeds from the sale of approximately $14.5 million and will recognize a gain on the sale of approximately $200,000 in the third quarter. Proceeds from the sale were used to repay amounts outstanding under the company's lines of credit. 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. ...