Parkway Properties, Inc. (PKY) Wednesday revealed the closing of the fee simple sale of the Town Point Center office property in Norfolk, Virginia. The gross sales price was $12.75 million and Parkway received net cash proceeds of about $12.0 million from the sale. Cash proceeds were used to reduce amounts outstanding under the company's bank lines of credit.
Town Point Center is a 131,000 square foot property that is 96.7% occupied as of July 1. The gross sales price represents a capitalization rate of about 7.9% on twelve months projected cash net operating income from the date of closing. The company will recognize a gain on the sale of nearly $1.6 million in the third quarter.
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