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An office giant has unloaded a mid-rise office building in north Fulton County.
Highwoods Properties sold Two Point Royal, a 124K SF office building in Alpharetta to an undisclosed buyer. The sale was part of a two-building transaction that also included an almost 200K SF office building in Tampa for a total of $54.5M.
“The sale of these non-core assets is in sync with our ongoing work to continuously improve our portfolio and further strengthen our long-term cash flow growth,” Highwoods CEO Ed Fritsch stated in a release. "These assets were not strategic to our holdings."
Highwoods has been focusing on acquiring assets in both urban and suburban markets with strong local economies.
Both buildings were more than 90% leased at the time of the sale, officials said. In Atlanta, Highwoods has bulked up on its Class-A trophy office portfolio in recent years, acquiring One and Two Alliance Center and Monarch Plaza and Monarch Tower, all of which are in Buckhead.
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