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Highwoods Completes Atlanta Industrial Exit

Highwoods Completes Atlanta Industrial Exit

Peachtree-Industrial-property2

Highwoods finally said adios to Atlanta industrial. The company reported yesterday that it completed its exit of the Atlanta industrial market with the  sale of 1.7M SF in 16 industrial buildings (including 13 acres) for  $91.6M  to Crow Holdings. (Above are facilities in Peachtree Corners, whose previous sale we reported here.) "These industrial properties are, on average, 95% occupied and in 2013 were expected to generate net operating income of $5.7M," officials told investors. In all, Highwoods will  gain $37M from the sale. We first reported here that Highwoods planned to exit Atlanta industrial and instead focus on office. (Maybe they'll get back together to promote a greatest hits album.)
Related Topics: Crow Holdings