NASCAR Plaza office building sold

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. 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. Charlotte Business Journal

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