MEMPHIS—Raleigh, NC-based Highwoods Properties, apublicly-traded REIT, has embarked on its two-phase plans ofselling assets in Greensboro, North Carolina and Memphis with thesale of International Paper IV, a 248,000 square foot, singlecustomer building in Memphis for $76.4 million. Highwoods expectsto close on the sale of Atrium I and II, a two-building officecomplex encompassing 84,000 square feet, prior to Dec. 31 for $13.2million. These office properties, located in Memphis, are acombined 96% occupied and are projected to generate $5.9 million ofannual cash and GAAP net operating income in 2020.

"These sales are the first closings of our market rotation planto exit the Greensboro and Memphis markets and reinvest thatcapital in the BBDs (best business district) of higher-growthmarkets such as Charlotte, said Ted Klinck, president and CEO ofHighwoods Properties, in prepared remarks. "We are pleased with ourprogress to date and remain on track to complete the first phase bymid-2020."