Highwoods Properties has sold nine local properties for $79.4 million, including eight office buildings near Rex Hospital.
One of the office buildings is a 97,000-square-foot structure next to Research Triangle Park. The other eight office buildings are on the Rexwoods campus across from Rex Hospital at the southeast corner of Blue Ridge Road and Lake Boone Trail.
Seven of the eight office buildings in Rexwoods were purchased by one buyer for continued medical and office use. The other building will be redeveloped.
According to Commercial Property Executive, Evergreen Medical Properties bought seven buildings, and Charlotte-based Northwood Ravin bought the one intended for redevelopment. Northwood Ravin mainly develops apartments.
JLL Capital Markets found the two buyers. JLL Capital Markets and Highwoods declined to name the acquirers and the individual prices of the buildings.
Highwoods will use the proceeds from the sale to reduce its revolving credit facility and for general corporate purposes.
The combined properties are 85% occupied and were expected to generate $6 million of GAAP and cash net operating income in 2024 for Highwoods.
Raleigh-based Highwoods, a real estate investment trust, was trading at $25.20, up 62 cents, or 2.5%, in Monday afternoon trading.
