TAMPA, FL-Highwoods Properties Inc. of Raleigh, NC has acquired the Colonial Place I and II office buildings here for $56 million.
The two, 10-story Class A buildings located in the Westshore area of Tampa total 372,000 square feet and include structured parking. The purchase price includes $3.5 million of planned building improvements and calculates out to $151 per square foot, or 30% below replacement cost, according to a company statement released Wednesday.
The properties are 86.8% leased and are expected to generate full year cash and GAAP net operating income of $4.6 million and $4.9 million. See story in the Tampa Bay Business Journal.
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