{"id":1004056127,"date":"2012-12-18T07:34:04","date_gmt":"2012-12-18T15:34:04","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=87939"},"modified":"2022-12-04T15:04:03","modified_gmt":"2022-12-04T23:04:03","slug":"parkway-closes-on-22-5m-tampa-westshore-office-building-purchase","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/","title":{"rendered":"Parkway Closes on $22.5M Tampa-Westshore Office Building Purchase"},"content":{"rendered":"

By Georgiana Mihaila, Associate Editor<\/em>\"\"<\/a><\/p>\n

Parkway Properties Inc.has closed on the acquisition of the Westshore Corporate Center in Tampa for a net purchase price of $22.5 million. Parkway Properties has recently been on a shopping spree.<\/p>\n

The company has first shown interest in the 170,000-square-foot building in early October; \u201cWestshore Corporate Center is well located within the Westshore submarket and is one of our third-party managed assets in the former Eola Capital portfolio, allowing Parkway to achieve attractive pricing given the $850,000 credit we will receive at closing,\u201d said Parkway’s President and CEO, James R. Heistand, at the time.<\/p>\n

Located at 600 N. Westshore Blvd., Westshore Corporate Center was built in 1988 and is currently 77.7 percent leased. Parkway expects the property to generate a 2013 estimated cash net operating income yield of approximately 8.5 percent based on the net purchase price. The company will own 100 percent of the asset and plans to assume the in-place first mortgage secured by the property, which has a current outstanding balance of approximately $14.5 million with a fixed interest rate of 5.8 percent and a maturity date of June 1, 2015.<\/p>\n

Westshore Corporate Center is currently managed by Parkway Realty Services and was formerly part of the Eola Capital LLC portfolio before Eola merged with Parkway in May 2011. Given the agreement formed between Parkway and the former Eola principals in December 2011, 100 percent of any proceeds received by the former principals were granted to Parkway. Therefore, Parkway will only be required to pay a purchase price of $22.5 million, which is net of an $850,000 credit that would have otherwise been paid to the former Eola principals.<\/p>\n

In its effort to pursue high-quality assets, Parkway Properties has also announced entering into a purchase and sale agreement to acquire Phoenix Tower, a 626,000 square foot office tower located in the Greenway Plaza submarket of Houston for $124.5 million; Tower Place 200, a 260,000 square foot office tower located in the Buckhead submarket of Atlanta for $56 million; and 525 North Tryon, a 406,000 square foot office tower located in the central business district (CBD) of Charlotte, N.C. for $47.4 million.<\/p>\n

Image: Westshore Corporate Center via tampachamber.com<\/h6>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Parkway Properties, Inc., in the wake of its recent shopping spree, has also announced closing on the previously announced deal to acquire the Westshore Corporate Center in Tampa for a net purchase price of $22.5 million.<\/p>\n","protected":false},"author":39,"featured_media":1004506569,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1612],"tags":[],"class_list":["post-1004056127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-tampa"],"acf":[],"yoast_head":"\nParkway Closes on $22.5M Tampa-Westshore Office Building Purchase - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parkway Closes on $22.5M Tampa-Westshore Office Building Purchase\" \/>\n<meta property=\"og:description\" content=\"Parkway Properties, Inc., in the wake of its recent shopping spree, has also announced closing on the previously announced deal to acquire the Westshore Corporate Center in Tampa for a net purchase price of $22.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-12-18T15:34:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T23:04:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Westshore.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Amalia Otet\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\\\/\"},\"author\":{\"name\":\"Amalia Otet\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9f6a1043b1429cf8ff129c75614caa73\"},\"headline\":\"Parkway Closes on $22.5M Tampa-Westshore Office Building Purchase\",\"datePublished\":\"2012-12-18T15:34:04+00:00\",\"dateModified\":\"2022-12-04T23:04:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\\\/\"},\"wordCount\":353,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Westshore.jpg\",\"articleSection\":[\"News\",\"Tampa\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\\\/\",\"name\":\"Parkway Closes on $22.5M Tampa-Westshore Office Building Purchase - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Westshore.jpg\",\"datePublished\":\"2012-12-18T15:34:04+00:00\",\"dateModified\":\"2022-12-04T23:04:03+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9f6a1043b1429cf8ff129c75614caa73\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Westshore.jpg\",\"contentUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/Westshore.jpg\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Parkway Closes on $22.5M Tampa-Westshore Office Building Purchase\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9f6a1043b1429cf8ff129c75614caa73\",\"name\":\"Amalia Otet\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/6b04062ec19b075e11c42269b5c31dfb32bdf83e40d929924449e4c1828aaa3c?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/6b04062ec19b075e11c42269b5c31dfb32bdf83e40d929924449e4c1828aaa3c?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/6b04062ec19b075e11c42269b5c31dfb32bdf83e40d929924449e4c1828aaa3c?s=96&d=mm&r=g\",\"caption\":\"Amalia Otet\"},\"description\":\"Amalia Otet leads publishing and content for Yardi products, where she turns real estate data and market trends into stories that inform and inspire. Outside of work, Amalia strives to live beautifully - one green step at a time.\",\"sameAs\":[\"Macchiato\"],\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/author\\\/amaliaotet\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Parkway Closes on $22.5M Tampa-Westshore Office Building Purchase - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/","og_locale":"en_US","og_type":"article","og_title":"Parkway Closes on $22.5M Tampa-Westshore Office Building Purchase","og_description":"Parkway Properties, Inc., in the wake of its recent shopping spree, has also announced closing on the previously announced deal to acquire the Westshore Corporate Center in Tampa for a net purchase price of $22.5 million.","og_url":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2012-12-18T15:34:04+00:00","article_modified_time":"2022-12-04T23:04:03+00:00","og_image":[{"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Westshore.jpg?w=1024","width":1024,"height":1024,"type":"image\/jpeg"}],"author":"Amalia Otet","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/#article","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/"},"author":{"name":"Amalia Otet","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9f6a1043b1429cf8ff129c75614caa73"},"headline":"Parkway Closes on $22.5M Tampa-Westshore Office Building Purchase","datePublished":"2012-12-18T15:34:04+00:00","dateModified":"2022-12-04T23:04:03+00:00","mainEntityOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/"},"wordCount":353,"commentCount":0,"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Westshore.jpg","articleSection":["News","Tampa"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/","url":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/","name":"Parkway Closes on $22.5M Tampa-Westshore Office Building Purchase - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Westshore.jpg","datePublished":"2012-12-18T15:34:04+00:00","dateModified":"2022-12-04T23:04:03+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9f6a1043b1429cf8ff129c75614caa73"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Westshore.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Westshore.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/parkway-closes-on-22-5m-tampa-westshore-office-building-purchase\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Parkway Closes on $22.5M Tampa-Westshore Office Building Purchase"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/9f6a1043b1429cf8ff129c75614caa73","name":"Amalia Otet","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/6b04062ec19b075e11c42269b5c31dfb32bdf83e40d929924449e4c1828aaa3c?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6b04062ec19b075e11c42269b5c31dfb32bdf83e40d929924449e4c1828aaa3c?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6b04062ec19b075e11c42269b5c31dfb32bdf83e40d929924449e4c1828aaa3c?s=96&d=mm&r=g","caption":"Amalia Otet"},"description":"Amalia Otet leads publishing and content for Yardi products, where she turns real estate data and market trends into stories that inform and inspire. Outside of work, Amalia strives to live beautifully - one green step at a time.","sameAs":["Macchiato"],"url":"https:\/\/www.commercialsearch.com\/news\/author\/amaliaotet\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/Westshore.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004056127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004056127"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004056127\/revisions"}],"predecessor-version":[{"id":1004624879,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004056127\/revisions\/1004624879"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004506569"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004056127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004056127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004056127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}