Highwoods Properties, inc. Highwoods Properties, inc. Latest from the Business Journals Highwoods sells Nashville buildings for MThree buildings near Moses Cone bought for MHighwoods sells five office buildings for million Follow this company has bought two medical office properties across from Moses Cone Hospital in Greensboro with plans to buy a third building in the fall for a total investment of $29.8 million.
Highwoods (NYSE: HIW) has already completed the acquisition of the Church Street Medical two and Three buildings, and it expects to complete the acquisition of Church Street Medical One later in the third quarter after obtaining lender consent to a related loan assumption, President and CEO Ed Fritsch announced July 16.
The properties encompass 149,000 square feet of office space plus a structured parking deck. As part of the deal, Highwoods, a real estate investment trust based in Raleigh, plans to spend $220,000 on renovations to the Greensboro buildings, which were 86.4 percent occupied when the deal closed.
Prior to the Church Street deal, Highwoods owned or jointly owned nearly 4.3 million square feet of office and industrial properties in its Piedmont Triad region, which made up about 6.4 percent of the company’s annualized cash revenue in the first quarter.
Tenants in the office park include LeBauer HeartCare, which is a subsidiary of LeBauer HealthCare; Duke University Health System’s Children’s Specialties of Greensboro; and North Carolina Plastic Surgery Center. Click here for more.
The company also announced Monday that it has sold five office buildings it owned in Nashville, Tenn. for $41 million.
Amanda Jones Hoyle covers commercial and residential real estate. Follow her on Twitter @TBJrealestate