Parkway Properties Inc. this week announced the fee-simple sale of the 478,000-square-foot Viad Corporate Center in Phoenix, Ariz.

The value of the transaction was $105.5 million.

Parkway owned a 30 percent interest in the office property, with Investcorp International owning the other 70 percent since March 2003.

Proceeds from the sale will be used to repay amounts outstanding under Parkway Properties’ lines of credit, according to a press statement.

Parkway Properties Inc. is a self-administered real estate investment trust operating in the southeastern and southwestern United States and Chicago.

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