|  Acquisition Criteria May 2008
| | SIZE: |
125,000 to
1,000,000 square feet, multi-story (250,000 square feet if
a new market) | | PARKING: | Adequate
parking to accommodate full occupancy and meet market and code
requirements | | QUALITY: | Class A, A-
or B+ | | LEASING: | 60% - 100% | | YIELD: |
7% yield (Stabilized CAP rate) based on
stabilized, 92% occupancy, risk, quality and durability of rent roll and
income stream. An ARGUS run with an unleveraged
IRR of 8%. | | OWNERSHIP: |
100% fee simple or in a joint venture format where Parkway Realty
Services handles the management and leasing. | | REPLACEMENT COST: | The purchase price of the property must be below current
replacement
cost. | MARKETS:
| |
Houston |
Charlotte | |
San Antonio |
Chicago | |
Austin |
Phoenix | |
Dallas |
Nashville | |
Tampa / St. Petersburg |
Orlando | |
Jacksonville |
Memphis | |
South Florida |
Washington D.C. Metro | |
Atlanta |
Northern Virginia |
We prefer CBD assets but will consider suburban assets in land
constrained areas or
immediately adjacent to existing properties. | | CUSTOMERS: | Prefer
major customer buildings with at least 5 years remaining on lease
and customer being at least 30% of rent roll value. | | DEBT: |
Properties will be purchased on an all cash basis, requiring no
financing contingency thus insuring a quick closing. | | MANAGEMENT: |
Parkway Realty Services will manage its building directly.
If you own or have a listing on buildings meeting all of the
above criteria, please forward a property information package,
including an income and expense statement and ARGUS diskette to
the address below. | | ADDRESS: |
Jim Ingram
Executive Vice President
and Chief Investment Officer
Parkway
Properties, Inc.
One Jackson Place
188 East Capitol Street, Suite 1000
Jackson, Mississippi 39201
(601)948-4091
(800)748-1667
E-Mail: jingram@pky.com | | DISCLAIMER: | Parkway has
deviated and may deviate from its published criteria at its sole
discretion and without notice |
| |
