Parkway Properties recently agreed to purchasing the NASCAR Plaza office building for nearly $100 million. Parkway Properties purchased the Hearst Tower from Bank of America for $250 million earlier in the year.
The NASCAR Plaza is 390,000 square feet and is already 88 percent leased out. The group plans on purchasing the 525 North Tryon building near the plaza as well. The Plaza was owned by Trinity Capital Advisors and Rubenstein Partner after the partnership successfully got the building out of bankruptcy.
NASCAR is currently under contract for 139,000 square feet of the building through May 2021 and Chiquita Brands has nearly 138,000 square feet leased out the rest of the year until the company moves its headquarters elsewhere.
"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," said James Heistand, president and chief executive of Parkway. "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 properties expects the performance of the building's revenue to increase during 2013, estimating a nearly 7 percent increase in income generated.