Highwoods Properties has completed the planned exit of its Atlanta industrial portfolio with the sale of 16 industrial buildings encompassing 1.7M square feet and 13 usable acres of industrial-zoned land in Atlanta for $91.6M. The development land represented $0.8M of the sales price. These industrial properties are, on average, 95.0% occupied and in 2013 were expected to generate cash and GAAP net operating income of $5.7M. In Q3, the company will record an approximate $37M gain from the sale. Year-to-date, the company has sold $140M of Atlanta industrial assets, encompassing 2.7M square feet that were 92.6% occupied, and 28 usable acres of industrial-zoned land, generating approximately $50M of gains.
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