JACKSON, Miss., Dec. 14, 2010 /PRNewswire-FirstCall/ -- PARKWAY PROPERTIES, INC. (NYSE: PKY) announced today the completion of the previously announced sale of Carmel Crossing for $25 million to Parkway Properties Office Fund II, LP ("Fund II"). Parkway received approximately $17.5 million in cash at closing representing its partner's 70% pro rata share of the investment. Projected returns and other details regarding the investment were provided in the Company's October 29, 2010, press release. Fund II anticipates placing a non-recourse first mortgage on Carmel Crossing during the first quarter of 2011, which would result in Parkway receiving an estimated $3 million in additional cash proceeds.
Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, leasing, acquisition, and ownership of office properties. The Company is geographically focused on the Southeastern and Southwestern United States and Chicago. Parkway owns or has an interest in 64 office properties located in 11 states with an aggregate of approximately 13.2 million square feet of leasable space as of December 14, 2010. Included in the portfolio are 20 properties totaling 3.7 million square feet that are owned jointly with other investors, representing 28.0% of the portfolio. Fee-based real estate services are offered through the Company's wholly-owned subsidiary, Parkway Realty Services, which also manages and/or leases approximately 2.5 million square feet for third-party owners at December 14, 2010.
Parkway Properties, Inc.'s press releases and additional information about the Company are available at www.pky.com .