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CHARLOTTE, NC (Will Boyce/Charlotte Business Journal) -
Parkway Properties has agreed to buy the 20-story NASCAR Plaza office building for approximately $100 million.
The Charlotte Business Journal reported earlier this month that the Orlando, Fla.-based real estate investment trust had made an unsolicited offer to buy the 390,000-square-foot uptown building as well as the 525 North Tryon building. Parkway acquired the Hearst Tower from Bank of America earlier this year for $250 million.
The NASCAR Plaza building, owned by Trinity Capital Advisors and Rubenstein Partners, is 88 percent leased, with an average in-place rent of $25.61 per square foot. NASCAR has a lease for 139,000 square feet that runs through May 2021, and Chiquita Brands International Inc. signed a lease for about 138,000 square feet this year after deciding to relocate its headquarters from Cincinnati.
"The purchase of NASCAR Plaza represents another off-market transaction that enables us to expand in one of our key, target submarkets with a high-quality asset," James Heistand, president and chief executive of Parkway, says in a statement. "NASCAR Plaza has a strong tenant base and is the headquarters for several well-known companies, and we expect to create additional value through leasing and rent growth in a submarket that we believe will outperform during a recovery."
Parkway says NASCAR Plaza is expected to generate a 2013 estimated cash net operating income yield of approximately 7 percent. The company expects to close on the purchase by the end of the year.
The sale marks the end of a successful turnaround story for Trinity and Rubenstein. NASCAR Plaza was 37 percent occupied and had fallen into foreclosure when the two firms teamed up to buy the building at a discount in 2011.