Parkway Properties agrees to purchase Tampa Fund II assets and Tempe office Parkway Properties announced that it has entered into a purchase and sale agreement to acquire its co-investor's 70% interest in three office properties located in the Westshore submarket of Tampa, Florida and has entered into a purchase and sale agreement to acquire a 75% interest in the US Airways Building, a 225,000 square foot office building located in the Tempe submarket of Phoenix, Arizona. The agreed-upon gross valuation of the Tampa Fund II Assets is $139.3M. Parkway's purchase price for its co-investor's 70% interest in the Tampa Fund II Assets is $97.5M. The agreed-upon gross valuation of the US Airways Building is $56M. Parkway's purchase price for the approximate 75% interest is $41.8M.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: AllianceBernstein (AB) downgraded to Neutral from Buy at BofA/Merrill... Baidu (BIDU) downgraded to Underperform from Hold at Daiwa... Brinker (EAT) downgraded to Negative from Mixed at OTR Global... CBIZ (CBZ), Inc. downgraded to Equal-Weight from Overweight at First Analysis... First Majestic (AG) downgraded to Hold from Buy at Desjardins... Marks & Spencer (MAKSY) downgraded to Neutral from Overweight at JPMorgan... Nu Skin (NUS) downgraded on negative preannouncement, China headwinds at Stifel... Old Dominion (ODFL) downgraded to Neutral from Buy at Citi... PMC-Sierra (PMCS) downgraded to Hold from Buy at Craig-Hallum... Parkway Properties (PKY) downgraded to Market Perform from Outperform at Wells Fargo... Phillips 66 (PSX) downgraded to Hold from Buy at Deutsche Bank... Potash (POT) downgraded to Hold from Buy at HSBC... Radware (RDWR) downgraded to Neutral on execution issues at Buckingham... Sensata (ST) downgraded to Neutral from Buy at Citi... Tenaris (TS) downgraded to Underperform from Neutral at Credit Suisse... Tesla (TSLA) downgraded at Baird on Model X timing uncertainty.
Parkway Properties downgraded to Market Perform from Outperform at Wells Fargo Wells Fargo analyst Brendan Maiorana downgraded Parkway Properties to Market Perform saying near-term move-outs will limit NOI growth while Houston fundamentals are challenged. The analyst lowered his price target range for shares to $17-$19 from $18-$21.