Parkway Properties’ $55M acquisition

Aims to spend millions more on closing, improvements

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. on Friday announced that its Office Fund LP paid $55 million for the class A Gateway Center building in Orlando, Fla. The property comprises 228,000 square feet of office space on 10 floors that is situated atop a six-story parking facility. Constructed in 1989, the property was 79 percent leased at the time of sale to 17 tenants. The Fund expects to spend an additional $2.8 million on closing costs, building improvements, leasing costs and tenant improvements during the first two years of ownership. The Fund is a $500 million discretionary fund formed in July 2005 for the purpose of acquiring high-quality, multi-tenant office properties in markets such as Houston, Phoenix, Atlanta, Chicago, Charlotte, Orlando, Tampa/St. Petersburg, Ft. Lauderdale, Jacksonville and Memphis. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com. ...