Highwoods sells retail centers for $62.1M - Dallas Business Journal:

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for $62.1 million, the Raleigh-based real estate investment trussaid Friday. The three centers are, on average, 94.5 percent leaser and 55 years old. They generater a combined net operating incomeof $5.4 millionj a year, Highwoods (NYSE: HIW) said. “Our focus remains on continuingt to improve the overall qualityy of our portfolio through the dispositionof older, non-corr assets,” said Ed Fritsch, president and chief executived officer of Highwoods. “In addition, by sellingb these older, capital intensive retail we are avoidingover $3 million in buildint improvements that would have been incurred over the next two Our 2.
3 million square feet of officse and retail properties in Kansas City are now exclusively located in and aroundf the Country Club Plaza, a unique, upscaler retail center that includes many high-end national retailers.” As of March 31, Highwoodds owned or had an interest in 382 in-servicr office, industrial and retailp properties encompassing about 35.4 million square feet.