Parkway Pockets $25M in Sale of St. Petersburg Office

Parkway Properties Inc. has concluded the $26 million disposition of Wachovia Plaza, a 186,000-square-foot office asset in St. Petersburg, Fla., that the company has owned since 1998. The deal left the REIT with a net $25 million in cash, and included the assignment of the leasehold interest in 240 parking spaces in the neighboring Mid-Core Garage, which is owned by the City of St. Petersburg. Orlando-based CNL Commercial Real Estate is now the new owner of Wachovia Plaza, as per the Tampa Bay Business Journal. Located at 150 Second Ave. North, Wachovia Plaza is a 17-story structure that was developed in 1985. At the time of the sale, the property was 97.8 percent occupied. Parkway plans to use the proceeds from the sale of Wachovia Plaza to pay down debt under its line of credit. Parkway is a self-administered REIT focused on the acquisition, operating and leasing of office properties in Chicago, as well as Southeastern and Southwestern United States. The company presently has a portfolio of 21 properties totaling approximately 13.8 million square feet in 11 states.