MIAMI—New details have emerged about the trade of a class A office portfolio that spans Florida, Georgia, North Carolina, Texas, Kentucky, and Virginia. An affiliate of Parkway Properties acquired the 22 property, 3.1 million-square-foot portfolio for $475 million in September.

HFF marketed the office portfolio on behalf of the owners, who were advised by Interventure Advisors LP. Upon closing, Parkway sold 19 of the office assets to a

joint venture between affiliates of Banyan Street Capital and Oaktree Capital Management for $237 million. Parkway still owns three of the assets located in Tampa, FL.

"This transaction is an example of Parkway's ability to creatively structure a deal that will enable us to enhance critical mass in a targeted submarket at an attractive cost basis," says James R. Heistand, president and CEO of Parkway. "The Corporate Center at International Plaza assets are within the strongest performing submarket in Tampa.”

HFF also secured acquisition financing on behalf of Banyan and Oaktree. A $210.7 million, floating-rate loan was placed with Blackstone Mortgage Trust to fund the acquisition as well as certain capital expenditures and leasing costs.

The original portfolio offering consisted of 22 properties with 3.1 million square feet of office located in Tampa, Florida (six properties); Orlando, Florida (three properties); Atlanta, Georgia (six properties); Houston, Texas (three properties); Morrisville, North Carolina (two properties); Louisville, Kentucky; and Richmond, Virginia.

The HFF investment sales team representing the sellers included senior managing director Hermen Rodriguez, senior managing director H. Dan Miller, managing director Ralph Smalley, director Martin Hogan, director Ike Ojala, and associate director Jorge Portela. Senior managing directors Wally Reid and Paul Stasaitis led the HFF debt placement team.