Parkway Properties plans purchase of Westshore Corporate Center

Orlando-based Parkway Properties Inc. announced it is under contract to purchase the 169,619-square-foot Westshore Corporate Center in Tampa for $22.5 million. The building, located at 600 N. Westshore Blvd., Tampa, is currently managed by Parkway Properties' affiliate Parkway Realty Services.

The 12-story office building was constructed in 1988 and is currently 77.7% leased.

Based on 2013 estimated cash net operating income, the purchase price would equate to a payoff ratio (capitalization rate) of 8.5%.