Highwoods Properties Inc. said today that it has sold a major commercial real-estate presence in Winston-Salem to a New York real-estate investment trust for $12.9 million.
Highwoods, based in Raleigh, is one of the Southeast's largest real-estate investment trusts. It focuses on developing, owning and leasing properties in the industrial, office and retail sectors.
It announced in May 2007 that it was exiting the Winston-Salem market as part of evaluating it as a non-core market.
The company sold its Madison Park campus, which consists of seven buildings, to LRC Opportunity Fund, according to Tabitha Zane, a vice president of corporate communications for Highwoods.
Madison Park has a combined 472,200 square feet of space that are on average about 25 years old and 51 percent occupied. Among the buildings being leased are two by Blue Cross Blue Shield of North Carolina.
Howard Lavitt is a principal in LRC Opportunity Fund and of Lavitt Realty Corp.
Lavitt's portfolio consists primarily of millions of square feet of commercial real estate space, with a focus on "re-branding older corporate real estate and redevelop/reposition properties,," according to its Web site.
Among its properties are Kensington Hospital in Richmond and several buildings in Manhattan and the Bronx. N.Y.
Highwoods also said it was selling Chimney Rock, an industrial park in Guilford County it also considers as non-core, for $12 million to a private-equity group based in California.
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