JACKSON, Miss., Dec. 20 /PRNewswire-FirstCall/ -- Parkway Properties, Inc. today announced the closing of the fee simple sale of the 187,000 square foot, three-building Charlotte Park in Charlotte, North Carolina which is 91% occupied. Parkway received net cash proceeds from the sale of approximately $18.4 million and will recognize a gain on the sale of approximately $2.6 million in the fourth quarter. The sales price represents a capitalization rate of approximately 7.8% on projected 2007 cash net operating income. Parkway Realty Services LLC was retained to provide management services for the property. Proceeds from the sale were used to repay amounts outstanding under the Company's lines of credit and to fund recent and pending acquisitions on behalf of Parkway Properties Office Fund, L.P.
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Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, acquisition, ownership, management, and leasing of office properties. The Company is geographically focused on the Southeastern and Southwestern United States and Chicago. Parkway owns or has an interest in 62 office properties located in 11 states with an aggregate of approximately 12.5 million square feet of leasable space as of December 20, 2006. The Company also offers fee- based real estate services through its wholly owned subsidiary, Parkway Realty Services, to its owned properties and to its third party and minority interest properties.
Parkway Properties, Inc.'s press releases and additional information about the Company are available at http://www.pky.com/.
CONTACT: STEVEN G. ROGERS
PRESIDENT & CHIEF EXECUTIVE OFFICER
WILLIAM R. FLATT
CHIEF FINANCIAL OFFICER
(601) 948-4091
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