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.”