Parkway Pays Private Equity Group $100M For Nascar Plaza

Law360, New York (October 31, 2012, 9:34 PM EDT) -- Parkway Properties Inc. has picked up the iconic North Carolina headquarters of NASCAR for $100 million from a joint venture of private equity-backed Rubenstein Partners and Trinity Capital Advisors in its second major buy in the market this year, the company announced Wednesday.

As part of the deal, which will be financed by cash and borrowings from a revolving credit facility, real estate investment trust Parkway will also assume $42.3 million in outstanding debt tied to the property. While the note doesn’t come due until 2016,...
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