In a prepared statement, Highwoods president and chief operating officer Ed Fritsch says Highwoods contributed $10 million to the joint venture in return for a 40% equity interest. Kapital-Consult contributed $14.9 million for a 60% interest in the partnership. The joint venture's formal name is Highwoods KC Glenridge Office LP.
The acquisition also includes 2.9 acres of developable land that can accommodate 150,000 sf of office. The deal was done at this time to grow Highwoods' presence within the park.
"Glenridge Point has an excellent customer based and is a perfect complement to our three class A office buildings at Glenlake Office Park," says Fritsch. "The Central Perimeter submarket is a highly desirable location for many businesses because it is at the interchange of two major highways."
Highwoods, traded on the New York Stock Exchange, owns or has an equity interest in 530 in-service office, industrial and retail properties encompassing 41.7 million sf. The North Carolina company also owns 1,305 acres of developable land in various major markets.
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