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Highwoods Properties exits Atlanta Industrial

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.