CHARLOTTE—Parkway Properties is acquiringNASCAR Plaza, 390,000-square-foot office tower located inCharlotte’s Central Business District (CBD). A joint venturebetween Trinity Capital Advisorsand Rubenstein Partners is selling the officetower for about $100 million.

"The purchase of NASCAR Plaza represents another off-markettransaction that enables us to expand in one of our key, targetsubmarkets with a high-quality asset,” says JamesHeistand, president and CEO of Parkway. “NASCAR Plaza hasa strong tenant base and is the headquarters for several well-knowncompanies, and we expect to create additional value through leasingand rent growth in a submarket that we believe will outperformduring a recovery."

Built in 2009, NASCAR Plaza is a 20-story, LEEDSilver certified office tower. The office building isadjacent to the NASCAR Hall of Fame and is the headquarters forNASCAR, which has leased 139,000 square feet through May 2021. Thebuilding is 88% leased with an average in place rent per squarefoot of $25.61.