From the Wires
Highwoods Properties Sells Non-Core Assets in Orlando for $14.6 Million
By: Marketwire .
Jan. 31, 2013 04:29 PM
RALEIGH, NC -- (Marketwire) -- 01/31/13 -- Highwoods Properties, Inc. (NYSE: HIW) today announced that it has sold Metrowest Commerce Center and Cambridge in Orlando for $14.6 million in cash. These two office properties encompass 134,000 square feet, are 100% leased to a single customer and are expected to generate $1.3 million of cash net operating income in 2013. Highwoods will continue to serve as property manager of these assets in exchange for customary fees.
Ed Fritsch, President and Chief Executive Officer of Highwoods Properties, said, "The sale of these non-core assets, the majority of which is a single-story asset, is in sync with our ongoing work to continuously improve our portfolio. These assets were not strategic to our Orlando holdings, which consist primarily of Class A CBD properties."
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