An unknown buyer acquired non-core properties in Raleigh from Highwoods Properties, Inc. for $16.9 million.
April 03, 2024
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An unknown buyer acquired non-core properties in Raleigh from Highwoods Properties, Inc. (NYSE:HIW) for $16.9 million in first quarter of 2024. The consideration consists of Gross proceeds of $79.4 million out of which $16.9 million was completed in the first quarter with the remainder closing early in the second quarter. On a combined basis, these properties are 85% occupied and were projected to generate $6.0 million of GAAP and cash net operating income in 2024. As part of the sale of one building, the Company provided $6.2 million in non-recourse first mortgage seller financing. The note is scheduled to mature in February 2025, but can be prepaid without penalty at any time prior to maturity.
An unknown buyer completed the acquisition of non-core properties in Raleigh from Highwoods Properties, Inc. (NYSE:HIW) in first quarter of 2024.
Highwoods Properties, Inc. is a real estate investment trust (REIT). The Company is a fully integrated office REIT that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Its primary business is the operation, acquisition and development of office properties. The Company provides leasing, management, development, construction and other customer-related services for its properties and for third parties. The Company conducts its activities through Highwoods Realty Limited Partnership (the Operating Partnership). The Company owns an interest in approximately 28.4 million rentable square feet of in-service properties, 1.6 million rentable square feet of office properties under development and development land with approximately 5.2 million rentable square feet of potential office build-out.
HIGHWOODS PROPERTIES, INC. 
