Highwoods Properties has unloaded five airport-area office buildings in a deal totaling $41 million.
Richmond, Va.-based Lingerfelt Property announced the deal Monday. The company bought the five buildings in BNA Corporate Center, Lakeview Ridge Office Park — pictured here is Lakeview Ridge III — and Century City Office Park.
"This portfolio is comprised of Class A office buildings that have been institutionally owned and maintained, and have an impressive tenant roster and favorable occupancy of 86 percent," Principal Ryan Lingerfelt said. "The building product mix, range of sizes and rental price points will provide the company the ability to increase income through existing contract rental increases, additional lease-up activity, and a manageable tenant rollover in an improving office market."
The deal totals 484,047 square feet.
- ALEX B FRUIN INHERITANCE TRUST; CANDACE F STEFANSIC INHERITANCE TRUST; CANDANCE F STEFANSIC INHERITANCE TRUST; FRUIN, ALEX B TRUSTEE; FRUIN ALEX B INHERITANCE TRUST; STEFANSIC, CANDACE F TRUSTEE; STEFANSIC CANDACE F INHERITANCE TRUST; STEFANSIC CANDANCE F INHERITANCE TRUST
- ROSS, BRIDGETT D
- COOKE, ETHEN LANYARD TRUSTEE; COOKE, ETHEN LEWIS ESTATE
- JACOBS, JESSICA ALEXANDRA; JACOBS, ERIKA BESS