Parkway Properties Under Contract to Sell Columbia Assets


Parkway Properties reported Friday that it is under contract to sell, with buyer earnest money deposits non-refundable, 380,000 square feet of office properties in Columbia, SC and Richmond, VA.

The asset sales are subject to customary closing requirements, and Parkway anticipates these sales will be completed in the third quarter.

Parkway said it recorded a non-cash impairment loss of $1.7 million related to the asset in Columbia, SC, and that the fair value of this property was less than its carrying value at June 30, 2011. The impairment loss was recognized during the second quarter of 2011.

According to its website, Parkway owns a fee simple interest in the Tower at 1301 Gervais in Columbia’s Central Business District, a 298,926 square foot asset. It also maintains ownership interests in Center Point I and Center Point II in St. Andrews, which combined have more than 153,000 square feet of space, as well as the Atrium at Stoneridge – also in St. Andrews, a 108,236 square foot property.

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