Parkway REIT Dumps Portfolio For $148M, Predicts Loss

Law360, New York (January 6, 2012, 12:00 PM EST) -- Office real estate investment trust Parkway Properties Inc. has struck a money-losing deal with Hertz Acquisitions Group LLC to sell 14 properties in three Southeastern states for $148 million as it seeks to shed noncore assets, Parkway said Thursday.

Parkway said the portfolio consists of 1.9 million square feet in Jackson, Miss.; Memphis, Tenn.; and Richmond, Va. It added that it expected the deal with the privately owned Santa Monica, Calif.-based buyer to close in the first quarter of 2012.

Jackson-based Parkway said it expected to...
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