{"id":1004103239,"date":"2014-09-03T14:02:00","date_gmt":"2014-09-03T22:02:00","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=289173"},"modified":"2020-05-19T02:28:20","modified_gmt":"2020-05-19T10:28:20","slug":"highwoods-sells-11-office-buildings-for-40-7m-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/highwoods-sells-11-office-buildings-for-40-7m-2\/","title":{"rendered":"Highwoods Sells 11 Office Buildings for $40.7M"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p style=\"text-align: justify;\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/84284844324.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-289174\" title=\"84284844324\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/09\/84284844324.jpg\" alt=\"\" width=\"300\" height=\"159\" \/><\/a>Highwoods Properties Inc. sold 11 office properties in Henrico County in two separate transactions last month for a total of $40.7 million.<\/p>\n<p style=\"text-align: justify;\">Totaling some 359,000 square feet, the properties are located in  the Innsbrook submarket. Four of them were acquired by Westdale Real Estate Investment and Management; the deal was the Dallas-based company\u2019s second in Richmond this year. The properties are located off of Nuckols Road in the Concourse at Wyndham. Included in Westdale&#8217;s acquisition were West Shore I (18,765 square feet); West Shore II (28,355 square feet); West Shore III (53,690 square feet); and Grove Park I (62,471 square feet).<\/p>\n<p style=\"text-align: justify;\">Lingerfelt Companies purchased the remaining properties, five of them located in Vantage Park, the other two in Technology Park. Together, they total 195,881 square feet of space and are leased to 34 tenants.<\/p>\n<p style=\"text-align: justify;\">Lingerfelt\u2019s new assets are:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Vantage Pointe: a two-story building completed in 1988;<\/li>\n<li>Vantage Place A \u2013 D:  four single-story dating from 1987;<\/li>\n<li>Technology Park I &amp; II:  two single-story office buildings developed in 1991.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Eric Robison of Cushman &amp; Wakefield | Thalhimer\u2019s Richmond office represented Highwoods in both transactions. \u201cThis acquisition is another indication of investors&#8217; confidence in the growth potential of the Richmond market,\u201d he said in a statement.<\/p>\n<p style=\"text-align: justify;\">In a recent report, CBRE Group Inc. said that the vacancy rate in the Richmond market dropped to a five-year low of 13.6 during the second quarter on the strength of 91,467 square feet of net absorption. Much of that activity took place in Richmond\u2019s Northwest quadrant, which  includes Innsbrook.<\/p>\n<p style=\"text-align: justify;\">According to CBRE, the Innsbrook submarket has recovered since being hit hard during the recession, registering more than 1.1 million square feet of net absorption over the last four years. Vacancy dropped 0.5 percent to 11.6 percent during the second quarter, thanks to 27,658 square feet of net absorption.<\/p>\n<p style=\"text-align: justify;\"><em>Charts courtesy of <\/em><a href=\"https:\/\/www.cbre.us\" rel=\"nofollow\" ><em>CBRE<\/em><\/a><em>.<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highwoods Properties sold eleven of its Henrico County office properties last month in two separate transactions to two different buyers. The total sales price was $40.7 million.<\/p>\n","protected":false},"author":1269,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36153],"tags":[39378],"class_list":["post-1004103239","post","type-post","status-publish","format-standard","hentry","category-richmond-hampton-roads","tag-midatlantic"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Highwoods Sells 11 Office Buildings for $40.7M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/highwoods-sells-11-office-buildings-for-40-7m-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Highwoods Sells 11 Office Buildings for $40.7M\" \/>\n<meta property=\"og:description\" content=\"Highwoods Properties sold eleven of its Henrico County office properties last month in two separate transactions to two different buyers. 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