Highwoods Properties sells two non-core office buildings for $119.7m

Highwoods Properties has sold two non-core office buildings encompassing 443,000 square feet for $119.7 million.

The company sold Stony Point VI, an 87,000-square-foot single-customer building in Richmond, Va., for $52.2 million and Crescent Center, a 356,000-square-foot building in Memphis, for $67.5 million. The properties were a combined 80 percent occupied and projected to generate $6.5 million of annual cash net operating income and $7.5 million of annual GAAP net operating income in 2021.

Ted Klinck, president and CEO of Highwoods Properties, said, “We are pleased with the execution of these non-core asset dispositions, including the sale of our final asset in Memphis. We have now sold $163 million of non-core properties since we announced our plan to acquire a portfolio of assets from PAC, placing us well on our way to meeting our disposition goal for 2021.”

As previously disclosed, the company acquired a portfolio of office properties from Preferred