PHOENIX — Parkway Properties, on behalf of Parkway Properties Office Fund L.P., has purchased Desert Ridge Corporate Center, a three-building corporate center located in Phoenix, for $81.6 million. Located on 14.8 acres in the North Central submarket of Phoenix, the property consists of two four-story Class A office buildings totaling 275,000 square feet and one 18,000-square-foot multi-tenant specialty retail building. At the time of acquisition, the property was 89.2 percent leased to 39 tenants. The company plans to invest an additional $2.25 million for closing costs, building improvements, leasing costs and tenant improvements during the first 2 years of ownership. Concurrent with the purchase, a $49.2 million first mortgage was funded through Babson Capital Management LLC with a fixed interest rate of 5.77 percent, an initial 36-month interest-only period and a maturity date of January 2016.