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Highwoods Properties (NYSE:HIW) said Wednesday it has disposed of two non-core assets for combined proceeds of $40.2M.
Independence Park, a 116K square foot office building in Tampa’s Westshore BBD, was sold for $19.5M. The property is 100% occupied by a single user under a lease the company signed with the new user last year.
HIW also sold Riverbirch, a 60K square foot office building in the Research Triangle Park submarket of Raleigh, for $20.7M. It’s 100% occupied by a single customer that recently renewed under a long-term lease.
In 2023, these office buildings were projected to generate $2.6M of net operating income and $1.9M of cash net operating income.