Highwoods Properties has sold Preserve VII, a 115,000-square-foot single-tenant office building in north Tampa, Fla., for $43 million. This property is 100 percent occupied.
Ted Klinck, president and CEO of Highwoods Properties, said, “This sale is the first closing in our plan to substantially fund our planned portfolio acquisition from PAC [Preferred Apartment Communities] with proceeds from noncore asset sales. We are pleased with the execution of this sale and buyer interest in the noncore properties we currently have in the market. We’re looking forward to redeploying disposition proceeds into high growth BBDs in Charlotte and Raleigh via our planned portfolio acquisition.”
Highwoods previously announced that it has agreed to acquire a portfolio of office properties from PAC for a total investment of $769 million, including the estimated value of noncore assets, planned near-term building improvements and transaction costs. The acquisition is expected to cl
