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Parkway "bananas" over NASCAR Plaza

Thursday, November 1, 2012

Category:Racing News

Parkway Properties, an Orlando, Florida-based realty company, recently agreed to purchase the 20-floor NASCAR Plaza office building for nearly $100 million.

The company plans to purchase the 390,000-square-foot building as well as the 525 North Tryon building along with it. Earlier this year, Parkway Properties purchased the Hearst Tower from Bank of America for $250 million.

The NASCAR Plaza was owned by Trinity Capital Advisors and Rubenstein Partners, and is currently 88 percent leased out. NASCAR is in contract for 139,000-square-feet of the building through May 2021 and Chiquita Brands, that one banana company, has nearly 138,000-square-feet leased out the rest of the year.

"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."