X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Parkway Properties Inc., the Jackson, MI-based REIT that has grown its metro area office portfolio to 464,000 sf of owned or partially owned assets, has sold an 80% interest in Maitland 200 to Rubicon America Trust of Edgecliff, Australia for $28.4 million or $137.86 per sf.

Parkway purchased the 21-year-old, 206,000-sf, 96.5%-leased building from Dallas-based Terrabrook Inc. in January 2004 for an effective price of $27.7 million or $135 per sf, as GlobeSt.com previously reported.

Parkway structured the deal with the Australians so that it retains 20% ownership; receives a $947,000 acquisition fee at closing (June 21); holds on to the leasing and management contracts; and transfers its $19.3-million first mortgage debt to the buyer.

Parkway will report a gain of about $1.7 million for the second quarter, says company president and CEO Steven G. Rogers. This is Parkway’s second joint venture with Rubicon. The partners closed on three properties in Atlanta and Charlotte in December 2004.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.