Industries Commercial Real Estate

Glen Forest office property in Richmond sells for $9.3 million

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Parkway Properties Inc. has sold Glen Forest, an 81,000-square-foot office property at 7130 Glen Forest Drive, for $9.3 million, or about $114.82 per square foot. According to the Jackson, Miss.-based company, the building was 99.1 percent leased as of Aug. 1. The buyer was Richmond-based Lingerfelt Development.

Parkway said the gross sale price represents a capitalization rate of about 8.8 percent. The property was not encumbered with debt at the time of sale. Parkway said it received about $8.9 million in net proceeds at closing, which were used to reduce amounts outstanding under the company’s credit facility.

Parkway is a self-administered real estate investment trust with an interest in 68 office properties in 12 states that altogether total about 14.8 million square feet of leasable space. The Richmond sale comes as the REIT recycles its assets. ” … We have now sold over $211 million in assets year-to-date,” Steven G. Rogers, president and CEO, said in a statement. “Combined with our recent acquisitions … we have lowered the average age of our portfolio, improved the overall quality of our assets, and increased the percentage of our assets in CBD or urban infill locations.”

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