Dec
06

525 North Tryon Under Contract for $47.4 million

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Parkway Properties, Inc. has announced that it has entered into a purchase and sale agreement to acquire 525 North Tryon, a 406,000 square foot office tower located in the central business district (CBD) of Charlotte, North Carolina as part of a three-property transaction. All three acquisitions are subject to customary closing conditions and are expected to close by the end of the fourth quarter of 2012.

Parkway is under contract to acquire 525 North Tryon for a purchase price of $47.4 million, or $117 per square foot. 525 North Tryon was built in 1998 and is a 19-story, Class A office tower with an attached parking garage. The building is currently 69.8% leased with an average in place gross rent per square foot of $19.61. 525 North Tryon is expected to generate a 2013 estimated cash net operating income yield of approximately 4.7%. Parkway will own 100% of the asset and does not plan to place secured financing on the property at this time. Closing is expected to occur by the end of the fourth quarter 2012 and is subject to customary closing conditions.

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    Categories : Charlotte

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