CIM Group has acquired its first office tower in Memphis for $76.4 million, reported multiple media outlets.
The seller of the International Place IV building, located at 1740 International Drive, was Highwoods Properties. The building totals 248,000 square feet.
The sales are part of Highwoods’ two-phased plan to exit the Greensboro, Tenn., and Memphis markets.
Highwoods also sold Atrium I & II in Greensboro for $13.2 million. The two two-story buildings encompass 84,000 square feet.
