Highwoods Properties has sold an industrial portfolio and an office complex for a total sales price of $233.4 million.
The industrial and single-story flex portfolio encompasses 2.8 million square feet and was sold for $193.4 million. The firm also sold The Knollwood, a two-building office complex encompassing 250,000 square feet, for $40 million.
These properties are located in the Greensboro, N.C., market and are a combined 93.8 percent occupied.
Ted Klinck, president and CEO of Highwoods Properties, said, “These sales are a significant step to completing the first phase of our plan to exit the Greensboro and Memphis markets and reinvest that capital in the CBDs of high-growth markets such as Charlotte. With these dispositions, we will have completed approximately 75 percent of the first phase of sales, and we remain on track to complete the first phase by mid-2020.”
As previously disclosed, the company has a two-phased plan to exit the Greensboro a
