Full Story

Parkway poised for office acquisitions

Orlando-based Parkway Properties real-estate investment trust has about $100 million left from funds raised in its most recent c

<< Go Back

Orlando-based Parkway Properties real-estate investment trust has about $100 million left from funds raised in its most recent common stock offering and is shopping for buildings in its hometown.Last week, Parkway announced pricing of $18.15 for each of 10.5 million shares of common stock in a public offering. Of the $180 million of funds expected to be raised from the offering, about a quarter is committed for Parkway’s buyout of its flagship building — the Bank of America Center on Orange Avenue in downtown Orlando. Another $33.3 million will go to Parkway’s acquisition of JTB Center, which consists of three office buildings in Jacksonville.”We have some dry powder, and we’re aggressively looking in the Orlando market — downtown and some select submarkets,” said David O’Reilly, Parkway’s chief financial officer.Since Eola Capital founder Jim Heistand merged his group with Parkway two years ago, Parkway moved its headquarters from Memphis, Tenn., to Orlando. The firm has expanded its Orlando presence, taking the 24th and, more recently, the 26th floors of the BOA Center.Bank of America recently renewed its lease in its namesake Orlando tower but downsized by about 20,000 square feet, which bumped up the building’s vacancy rate from 12 percent to 18 percent, O’Reilly said. He added that Parkway will now focus on filling that space.DevelopmentThe Villages master-planned community, which sprawls across parts of Lake, Sumter and Marion counties, had the largest number of sales for a master planned community in the U.S. during 2013, according to a report by John Burns Real Estate Consulting, based in California. The seniors-only development sold more than 3,419 houses during the year, which was a 20 percent increase from 2012. The community second to The Villages was Irvine Ranch, which has 1,444 sales for the year, an increase of 1 percent from a year earlier.SalesShelton Granade, Luke Wickham, and Justin Basquill of CBRE’s Orlando office represented the seller in the $20.47 million sale of Windrift apartments, a 288-unit property built in 1986 and 95 percent occupied at closing. The new owner, a private equity group in New York, plans to improve the property and increase the rents, according to Granade.Precious Property Management LLC purchased the former Wachovia Bank building at 798 N. Semoran Blvd., Orlando, for $965,000, opening the first Central Florida branch of Universal Kidney Centers of Broward County. The dialysis center is expected to open in summer 2014. Bill Bagley, Marshall Cohn and Bob Winters of Dunhill Properties Inc. represented the seller, MMDT Properties Inc.Steve Flanagan, Mike Ripley and Steve Ruoff of Land Advisors Organization-Orlando represented the seller, REDUS Florida Land, in the $750,000 sale of 48.5 acres of residential property in Davenport. The buyer was Carlisle Grand Florida LLC.LeasesMichael Heidrich, principal at NAI Realvest, represented landlords in several recent industrial transactions. Monroe North SPE LLC leased 19,670 square feet to Sanford-based American Battery Co. in Monroe CommerCenter North, 4200 Church St., Sanford.  The tenant formerly had 9,336 square feet there.  Landlord D and D Investments LLC of Orlando leased 18,550 square feet to a new tenant — Orlando Sentinel Communications Co. LLC – at 1942 W. New Hampshire St., Orlando.  Micah Strader of CB Richard Ellis represented the tenant. In Kissimmee, landlord Poinciana CommerCenter West LLC leased 6,400 square feet to TVM Building Products Inc.ConstructionHomebuilder Taylor Morrison began selling single-family home sites at Coventry at Heathrow. The community will have 75 single-family homes, ranging from 2,500 to more than 4,000 square feet and prices from the low $400s.DesignRhodes+Brito Architects in Orlando won a contract for three years of services with Lake County Schools.
<< Go Back

Connect With Us