Highwoods sells 11 buildings in Richmond
08/26/2014 11:44 AM
08/26/2014 11:45 AM
Highwoods Properties has sold 11 buildings in Richmond for $40.7 million.
The buildings, sold in two separate transactions, contain 359,000 square feet of office space. They are, on average, 90.6 percent leased.
Highwoods, a Raleigh-based real estate investment trust, said the properties were expected to generate $3.5 million in cash in 2014.
The sales mean Highwoods Richmond portfolio now includes 26 office properties with 2.3 million square feet. The buildings are, on average, 95 percent leased.
Highwoods has sold $103.4 million of what it describes as “non-core” buildings this year. The company has also been very active on the acquisition front, buying about $1.2 billion in assets over the past three years.
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