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Highwoods Properties discloses $55M of office property sales

Office real estate investment trust Highwoods Properties Inc. said it sold two noncore office properties for combined gross proceeds of $54.5 million subsequent to Oct. 23, 2018.

The transactions are expected to generate about $20.7 million of non-funds from operations gains in the fourth quarter of 2018.

The properties are the 124,000-square-foot Two Point Royal in Alpharetta, Ga., and the 199,000-square-foot Highwoods Preserve I in Tampa, Fla. Both properties were 91% leased at the time of the sale, according to a release.