RICHMOND, VA—Highwoods Properties, a REIT based in Raleigh, NC, has sold off eleven office assets in its local portfolio in two separate transactions. The properties traded for total proceeds of $40.7 million and Highwoods netted a total gain of $17.7 million from the transactions.

The buildings totaled 359,000 square feet. They are predominantly single-story and are, on average, 90.6% leased. They were expected to generate $3.5 million in cash and GAAP net operating income for full year 2014.

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