Highwoods sells $88.8 million in assets
12/20/2013 9:41 AM
12/20/2013 9:42 AM
Highwoods Properties announced Friday that it has sold $88.8 million in assets, including eight buildings in Greenville, S.C., and its ownership stake in an apartment community in Cary.
The Raleigh real estate investment trust had developed the Lofts at Weston, a 215-unit complex, in a joint venture with Ravin Partners. It was acquired along with six other apartment communities by Associated Estates Realty Corp.
Lofts at Weston sold for $38.3 million, and Highwoods’ proceeds from the sale after paying off the construction loan was $9.4 million.
Highwoods sold the eight office buildings in Greenville for $58.2 million. The buildings totaled 687,000 square feet and were 78 percent occupied. They were expected to generate $3.9 million in cash and $4.5 million in GAAP net operating income in 2013.
The company has also sold an 82,000-square-foot office building in Pinellas County, Fla., for $11.5 million. The property was 98 percent occupied and was expected to generate $900,000 in cash and GAAP net operting income in 2013.
The deals are consistent with Highwoods long-term strategy of periodically pruning its portfolio of older, less desirable properties.
Highwoods shares closed Friday at $36.37, up 56 cents. The stock is up 9 percent this year.
Staff writer David Bracken
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