Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HAMPTON ROADS, VA-Parkway Properties, a Jackson, MS-based REIT, is pulling out of Virginia as part of a plan to redeploy capital in new markets. The REIT just sold an office property here to ADS Inc. for $7.8 million as part of that strategy.

Next, the company plans to put on the market Greenbrier I and II–a 172,000-square-foot, multi-story office complex, CIO James Ingram tells GlobeSt.com. The company is also exiting Richmond and Colombia, SC, he adds.

These departures, he says, are part of a long-term strategic plan. “We decided we wanted to put our dollars to work in larger markets.” Houston and Phoenix–despite its current difficulties–are two such markets. The greater Washington area is another, he adds.

Indeed, DC is seeing an increase in investors that at one time could not afford its real estate prices. In a recent interview, James Cassidy of Cassidy & Pinkard Colliers told GlobeSt.com that he has noticed “an influx of investors that have not been here in a while–foreign investors, high net worth individuals and funds that had been forced into secondary markets during the boom because of the high prices. Now they are back looking at DC.” Ingram laughed when this comment was repeated to him. “We are hoping to be in that category. We have tried to buy in DC but never could before.”

The Hampton Roads property, called Lynnwood Plaza, is an 82,000-square-foot building that is 96.7%. The gross sales price was $7.8 million, representing a cap rate of approximately 8.4% on twelve months projected cash net operating income from the date of closing. Parkway received net cash proceeds of approximately $7 million. Parkway owns or has an interest in 66 office properties in 11 states with an aggregate of approximately 13.5 million square feet of leasable space.

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?


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.