{"id":1004548203,"date":"2021-01-22T05:23:00","date_gmt":"2021-01-22T13:23:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004548203"},"modified":"2022-12-08T11:00:54","modified_gmt":"2022-12-08T19:00:54","slug":"highwoods-properties-pays-131m-for-raleigh-office-complex","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-pays-131m-for-raleigh-office-complex\/","title":{"rendered":"Highwoods Properties Pays $131M for Raleigh Office Complex"},"content":{"rendered":"
\"\"<\/a>

The Forum<\/p><\/div>\n

Highwoods Properties has gained full ownership of The Forum, a 636,000-square-foot office complex in Raleigh, N.C., for $131.3 million. The company acquired the 75 percent interest of its joint venture partner, which according to public records, is an entity led by EII Capital Management Inc.\u2019s Scott Prizer. The partnership acquired the asset back in 2008.<\/p>\n

Located at 8521, 8529, 8537, 8601 and 8609 Six Forks Road, the Class A property comprise six buildings completed between 1985 and 2006. The complex was 91 percent leased, with an average lease term of six years, and is planned to undergo improvements worth $9.5 million.<\/p>\n

The asset is a mile from Interstate 540, some 11 miles from Raleigh-Durham International Airport and less than 10 miles from the metro\u2019s downtown. Last February, Highwoods welcomed Martin Marietta as the sole tenant<\/a> at GlenLake Seven, a 125,000-square-foot office building in Raleigh, N.C.<\/p>\n

Focusing on strategy<\/h2>\n

The transaction is the latest example of Highwoods\u2019 strategy to focus on the REIT\u2019s best business districts, President & CEO Ted Klinck explained. He added that the funding for the acquisitions came from the disposition of non-core assets.<\/p>\n

\"\"<\/a>

107 Charles W. Grant Parkway<\/p><\/div>\n

Part of the strategy was the sale of a 100,000-square-foot office building in Atlanta for $30.7 million. The property was completed in 2008 as a build-to-suit for the Federal Aviation Administration, which currently fully leases the asset. Located at 107 Charles W. Grant Parkway, the four-story building is 2 miles from the Hartsfield-Jackson Atlanta International Airport, less than 6 miles from the intersection of interstates 75 and 285, as well as almost 9 miles south of downtown Atlanta.<\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT acquired its joint-venture partner\u2019s 75 percent interest in The Forum. <\/p>\n","protected":false},"author":748,"featured_media":1004548204,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747],"tags":[34210],"class_list":["post-1004548203","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office","tag-highwoods-properties-inc"],"acf":[],"yoast_head":"\nHighwoods Properties Pays $131M for Raleigh Office Complex - 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-properties-pays-131m-for-raleigh-office-complex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Highwoods Properties Pays $131M for Raleigh Office Complex\" \/>\n<meta property=\"og:description\" content=\"The REIT acquired its joint-venture partner\u2019s 75 percent interest in The Forum.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-pays-131m-for-raleigh-office-complex\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-22T13:23:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T19:00:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/The-Forum.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lucia Morosanu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-pays-131m-for-raleigh-office-complex\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/highwoods-properties-pays-131m-for-raleigh-office-complex\/\",\"name\":\"Highwoods Properties Pays $131M for Raleigh Office Complex - 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