Parkway Properties Inc. (PKY) announced that 12 of the 15 properties included in Parkway's previously announced portfolio sale of non-core assets have closed. The 12 assets sold include five assets in Richmond, four assets in Memphis, and three assets in Jackson. The closings occurred in different phases throughout the first quarter of 2012 and generated total net proceeds to Parkway of approximately $88.1 million. The sold properties total 1.5 million square feet and were a combined 79.5% occupied as of January 1, 2012.
The three remaining assets that were part of the Non-Core Portfolio sale that have not yet closed are The Pinnacle at Jackson Place, Parking at Jackson Place, and 111 Capitol Building, all located in Jackson. The Pinnacle and Parking at Jackson Place are expected to close during the second quarter of 2012, subject to the buyer's successful assumption of the existing mortgage loan and customary closing conditions. The contract to sell 111 Capitol Building has expired without a sale.
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