Raleigh, North Carolina based, Highwoods Properties has purchased Colonial Place I and Colonial Place II in Tampa’s Westshore district for $56, 000,000.
The purchase price includes $3.5 million of building improvements equaling to $151 per sq ft, or 30% below replacement cost, Highwoods quoted in a statement given late Wednesday.
The two 10-story, Class A properties incldue 372,000 sq ft along with structured parking. The two properties, which are 86.8% leased, are predicted to make full year cash and GAAP net operating income of $4.6 million and $4.9 million, respectively, Highwoods said…Continue Reading
