Highwoods Properties Buys $26M Building from its Partner
- May 16, 2012
by Adriana Pop, Associate Editor
Highwoods Properties Inc. has purchased full ownership of a 178,300-square-foot office building in Cary from its joint venture investor, in a transaction valued at $26 million.
Highwoods had developed the four-story building located at 11000 Weston Parkway in 1998. One year later, the company sold 77 percent ownership in the property to a joint venture partnership led by Dreilander-Fonds, a German real estate investment group. According to company spokeswoman Tabitha Zane, Highwoods plans to keep the Cary building in its office portfolio.
The Triangle Business Journal reports that the building is fully leased to Fidelity Investments through November 2018. Beginning in spring 2013 however, the Boston-based company is expected to relocate its employees from Cary and Durham to four office buildings in the Network Center campus in Research Triangle Park.
In other news, Capmark Finance has sold the Geneva Park Apartments complex in Cary for $8.9 million. The buyer, the McKinley multifamily real estate firm of Ann Arbor, Mich., purchased the property on behalf of one of its institutional clients.
Located at 200 Wrenn Dr., the 248-unit apartment community was built in 1967 and has a county property tax value of $8.7 million. According to the Triangle Business Journal, Capmark Finance acquired the property in February 2011 with a deed in lieu of foreclosure that was valued at $6 million. The complex, formerly known as Briarcliff Apartments, had been owned and managed by Ernest Suber of Cary since 2006.
McKinley will immediately take over management of the community and is planning overall strategic upgrades, including improvements for the sales office, BBQ area, landscaping, lighting and signage, while also initiating roofing, siding and hallway repairs.
”McKinley is committed to the Research Triangle Park Region and this is another very important component in our expansion in the I-85 corridor”, the company said in a recent statement.
Photo courtesy of www.apartmentfinder.com