About a year ago Highwoods published a goal to sell $500M of "non-core" assets. Their plan seems pretty smart, sell older fully depreciated buildings that are commanding a premium in this real estate bull market and reinvest the proceeds in new development.
It's working so well they have adjusted their sales goal up to at least $700M by the end of December 2007.
Investors spent $547M on Triangle offices in 2006, which is more than twice the 10-year average of $237M. That's the definition of a hot market.
Grubb&EllisThomas Linderman Graham is pleased to have helped them get $34.2M closer to their goal with this transaction.
Highlights:
Assets: 5 North Durham Office Buildings at Roxboro and Duke Street
Tenants: Duke Universtiy Health System and Qualex
Occupancy: 99%
Seller: Highwoods
Buyer: Triple Net Properties
Price: $34.2M or $124/SF
Total Square Feet: 276,329
Read Jack Hagel's N&O coverage here: newsobserver.com Five Durham buildings sold
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