REIT Acquired 8 Bldgs. in Jacksonville from Flagler
An affiliate of Parkway Properties Inc. (NYSE:
PKY) closed on its purchase of a 1.02 million-square-foot
office building portfolio in Jacksonville, FL, from Flagler for $130 million or $128 per square foot. The purchase was announced in January 2013.
Parkway secured $84.5 million in financing with a fixed interest rate of 3.9 percent for a 10-year term.
The assets include eight structures at Deerwood North and Deerwood South business parks delivered from 1996 to 2005. They range in sizes from four and five stories and from 111,677 to 135,000 square feet of
office space. JP Morgan Chase, Fidelity, Comcast, Adecco, Main Street America, Fortegra, Carolina Casualty and Arizona Chemical lead the tenant roster of the more than 90 percent leased portfolio.
CBRE’s Christian Lee, Charles Foschini, Christopher Apone and Amy Julian, with regional support from Vice Chairman Will Yowell and Senior Vice President Michael Harrell secured the financing and marketed the properties on behalf of the seller.
See CoStar COMPS #2694191 for more information.