RALEIGH, NC--(Marketwired - Mar 1, 2016) - Highwoods Properties, Inc. (
The sale proceeds were used as follows:
Pay off unsecured bridge facility | $350M | ||
Pay down unsecured revolving credit facility | $70M | ||
Hold in escrow pending (1) reinvestment in 1031 exchanges qualifying for tax-deferred treatment, (2) repayment of additional debt and/or (3) other general corporate purposes | $230M | ||
Pay transaction expenses, including closing credits to the buyer for future tenant improvements | $10M | ||
Sale proceeds | $660M | ||
Following completion of the sale of the Plaza portfolio, the Company's remaining wholly-owned assets in Kansas City consist of two wholly-owned office buildings totaling 149,000 square feet, a 50.0% interest in Plaza Colonnade, LLC (owner of a 292,000 square foot office building), a 12.5% interest in 4600 Madison Associates, LP (owner of a 262,000 square foot office building) and a 26.5% interest in Kessinger/Hunter & Company, LC (a real estate services firm).
About Highwoods
Highwoods Properties, Inc. (
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