{"id":1004557178,"date":"2021-11-09T05:01:04","date_gmt":"2021-11-09T13:01:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004557178"},"modified":"2022-12-06T23:04:00","modified_gmt":"2022-12-07T07:04:00","slug":"highwoods-pockets-69m-for-atlanta-assets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/highwoods-pockets-69m-for-atlanta-assets\/","title":{"rendered":"Highwoods Pockets $69M for Atlanta Assets"},"content":{"rendered":"
\"\"<\/a>

5405 Windward Parkway<\/p><\/div>\n

Highwoods Properties has closed on the disposition of two office properties encompassing 393,000 square feet in Atlanta for a combined $68.6 million. 5405 Windward Parkway in the Alpharetta submarket traded for $48 million, while 50 Glenlake in the Central Perimeter brought in $20.6 million.<\/p>\n

By the end of the year, the company also expects to close three additional transactions. Selling the trio of non-core office buildings totaling 366,000 square feet will bring an anticipated, combined sale price of $65.5 million.<\/p>\n

\n

READ ALSO<\/strong>: Office Supply Boom Drives Up Vacancy<\/a><\/p>\n

\n

In a prepared statement, Ted Klinck, president & CEO of Highwoods Properties, noted that the company closed nearly $300 million in dispositions since it committed $769 million<\/a> for the acquisition of an office portfolio in the Charlotte, N.C., Raleigh, N.C., and Atlanta markets back in April. The transaction closed in July; Preferred Apartment Communities sold the assets for $683 million and two other properties that were part of the initial portfolio went to another buyer, Northwood Investors.<\/p>\n

The 1997-built 5405 Windward Parkway totaling 248,000 square feet, last traded in 1998 for $35 million, according to CommercialEdge data. As of late September, the property was 93 percent occupied and had a weighted average lease term of 7.6 years, JLL data shows. Medical technology company Avanos is the anchor tenant of the low-rise office building, which hosts its U.S. headquarters.<\/p>\n

\"\"<\/a>

50 Glenlake<\/p><\/div>\n

As of early November, the 145,000-square-foot 50 Glenlake was 73 percent leased to a diverse tenant roster, according to the same source. The six-story property was also built in 1997 and last traded in the same year for $22.5 million, CommercialEdge data shows.<\/p>\n

5405 Windward Parkway features 62,121 square feet floorplates and has ample parking, offering 1,011 parking spots. Both properties feature fitness and conference centers, caf\u00e9s as well as bike storage.<\/p>\n

The Atlanta office market<\/h2>\n

As of September, vacancy across the metro reached almost 20 percent, 500 basis points higher than the national average of 14.9 percent, according to CommercialEdge data. The change represented a year-over-year increase of 240 basis points.<\/p>\n

Within Greater Atlanta, there was 4.3 million square feet of office space under construction as of September. In October, MetLife Investment Management and Granite Properties’ mixed-use office project in Midtown Atlanta reached a new construction milestone. The joint venture topped off the 612,000-square-foot Midtown Union tower<\/a>, with plans to deliver the project by 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

The REIT expects to wrap additional office sales by the end of the year. <\/p>\n","protected":false},"author":1763,"featured_media":1004557179,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21742,21747],"tags":[34210,32796],"class_list":["post-1004557178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-latest","category-office","tag-highwoods-properties-inc","tag-jll"],"acf":[],"yoast_head":"\nHighwoods Pockets $69M for Atlanta Assets - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The REIT expects to wrap additional office sales by the end of the year. 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By year's end, the company plans to divest additional office properties for a combined $65.5 million.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/highwoods-pockets-69m-for-atlanta-assets\/\" \/>\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=\"2021-11-09T13:01:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T07:04:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/5405-Windward-Parkway-e1636457291354.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"614\" \/>\n\t<meta property=\"og:image:height\" content=\"460\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Agota Felhazi\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-pockets-69m-for-atlanta-assets\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-pockets-69m-for-atlanta-assets\\\/\"},\"author\":{\"name\":\"Agota Felhazi\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/bd1ef74130b86a7c6013eaa04b08b28d\"},\"headline\":\"Highwoods Pockets $69M for Atlanta Assets\",\"datePublished\":\"2021-11-09T13:01:04+00:00\",\"dateModified\":\"2022-12-07T07:04:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-pockets-69m-for-atlanta-assets\\\/\"},\"wordCount\":390,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-pockets-69m-for-atlanta-assets\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/11\\\/5405-Windward-Parkway-e1636457291354.jpg\",\"keywords\":[\"Highwoods Properties Inc.\",\"JLL\"],\"articleSection\":[\"Atlanta\",\"News\",\"Office\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-pockets-69m-for-atlanta-assets\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-pockets-69m-for-atlanta-assets\\\/\",\"name\":\"Highwoods Pockets $69M for Atlanta Assets - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-pockets-69m-for-atlanta-assets\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/highwoods-pockets-69m-for-atlanta-assets\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/11\\\/5405-Windward-Parkway-e1636457291354.jpg\",\"datePublished\":\"2021-11-09T13:01:04+00:00\",\"dateModified\":\"2022-12-07T07:04:00+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/bd1ef74130b86a7c6013eaa04b08b28d\"},\"description\":\"The REIT expects to wrap additional office sales by the end of the year. 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