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5405 Windward in Alpharetta, GA

Highwoods Properties Releases Two Atlanta Office Buildings for $67M

Highwoods Properties, Inc., has sold two Atlanta office buildings for a combined $68.6 million

The asset at 5405 Windward Parkway in Alpharetta (248,000 square feet) closed for $48 million, while the building at 50 Glenlake Parkway in Atlanta (145,000 square feet) sold for $20.6 million.

In addition, the Raleigh-based company expects to close on the sale of three additional non-core buildings encompassing 366,000 square feet for a combined purchase price of $65.5 million prior to December 31, 2021.

On a combined basis, the office properties are 78% occupied and were projected to generate $7.8 million of GAAP net operating income and $7.3 million of cash net operating income in 2021.

“With these sales, we will have closed on $297 million of dispositions since we first announced our $683 million acquisition of office assets in the high-growth markets of Charlotte and Raleigh from Preferred Apartment Communities,” said Ted Klinck, president and CEO of Highwoods Properties. “We are on track with our plan to return our balance sheet metrics to pre-acquisition levels by mid-2022, while improving the quality of our portfolio and providing higher growth for our shareholders over time.”


Inside The Story

Highwoods’ Properties Klinck

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition