News
FORECLOSING WITH MYSELF
November 18, 2010
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| We drove out to the Cumberland/Galleria area to snap Lakewood II. It's the subject of a recent purchase—of sorts. Parkway Properties, through its Parkway Properties Office Fund II—a $750M discretionary fund with Teacher Retirement System of Texas, purchased two Atlanta office properties: The 107K SF Falls Pointe and Lakewood II, a 128K SF office tower located in the Cobb County area. This isn't a new property for Parkway Properties. The company previously co-owned the assets in a JV with Rubicon US REIT. Parkway subsequently foreclosed on the loans on these buildings (and Camel Crossing in Charlotte) before being sold to the Parkway Properties fund, according to corporate SEC filings. You follow all that? What tangled webs we weave when we practice to buy deeds...well, technically notes, but that doesn't rhyme as well. |
