News Breakers Breaking Our News Feed
We got a string of breaking transaction news as well today, topped by a surprise sale from Parkway Properties. Parkway reports that it plans to flip a portfolio of 19 office assets—picked up from a larger portfolio buy—for $237M. The local assets in this sale include Deerfield Park Corporate Centre One and Two in Alpharetta, and Satellite Place, buildings 300, 400, 600, and 800 in Duluth to an undisclosed buyer. “The 19 office assets Parkway has agreed to sell are not consistent with Parkway's current investment strategy,” company officials state in SEC docs. The company does plan to keep a Class-A project in Tampa called Corporate Center at International Plaza. Parkway's John Barton (on left with Regent Partners' David Allman) could not be reached as of press time.
And REAlert has reported that Cousins Properties is in the market for an equity partner at 191 Peachtree Tower. The pub states that Cousins is looking to sell a stake as small as 49% up to 90% of the building's value, estimated at $281M with Eastdil Secured as the broker. Cousins, which bought the tower in 2006 for $150M when it was struggling at 24% leased, has since brought it to nearly 90% occupancy with such tenants as Deloitte, Hall Booth Smith PC, and Ogletree Deakins (as well as Cousins' own HQ).