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Commercial Real Estate
Business Observer Friday, Aug. 3, 2018 3 months ago

Highwoods Preserve building comes to market

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Raleigh-based real estate investment trust seeking $39.5 million for asset.
by: Kevin McQuaid Commercial Real Estate Editor

Highwoods Properties is offering its Highwoods Preserve I office building in Tampa for sale for $39.52 million, according to online commercial real estate platform Loopnet.

The six-story building is fully leased to Syniverse Technologies LLC, which uses the space as its global headquarters, according to the company’s website.

Developed in 2000, the 8125 Highwoods Palm Way building is one of three offices the Raleigh, N.C.-based company owns in the 1.8 million-square-foot business park.

The 198,750-square-foot building, which provides five parking spaces for every 1,000 square feet of rentable space, sits on 6.7 acres.

Highwoods is selling the property through Stan Johnson Co., a Tulsa, Okla.-based commercial real estate brokerage firm. Johnson Co. officials did not respond to multiple requests for comment on the potential sale, and Highwoods executives in Tampa did not reply to an email inquiry about the property.

Highwoods Preserve I is expected to trade at a 7.75% capitalization rate, or rate of return. Syniverse operates there on a triple net basis, according to Johnson Co. offering material.

In all, the publicly traded Highwoods owns two dozen properties in the Tampa area, ranging from the SunTrust Financial Centre downtown to the Laser Spine Institute at Avion Park, according to its website.

The company also has a pair of planned office buildings — Independence Two and Highwoods Bay Center II — that would contain a combined 358,000 square feet.

 

 

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