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TAMPA, FL-Highwoods Properties Inc. has further solidified its position as the dominant office landlord in the Westshore submarket, purchasing the 4200 Cypress building near Interstate 275. The Raleigh, NC-based REIT expects the total investment to be $24.7 million, including planned improvements to the 10-story, 220,000-square-foot class A building that opened in 1989.

The 10-story building at 4200 W. Cypress St. is 93% occupied and currently generates annualized net operating income of approximately $3.1 million, according to Highwoods. Ed Fritsch, Highwoods president and CEO, stated in a release that the building “meets our criteria of fortifying our position in key infill locations.”

Highwoods now owns or has interests in 14 office buildings in Tampa’s Westshore submarket, encompassing 2.1 million square feet. The properties are at least 90% occupied on average.

In a related note, Highwoods has sold 39,700 square feet of retail space plus two acres in Winston-Salem, NC for $9 million. The fully occupied properties include a 30,000-square-foot build-to-suit development for HHGregg completed last year, as well as a ground lease to CVS. So far this year, Highwoods has sold $78 million of non-core assets at an average cap rate just above 8%.

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