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.
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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.