Highwoods Properties, Inc. Sells Office Assets In Richmond, Virginia And Memphis For $119.7M
8720 Stony Point Parkway, Richmond, Virginia, USA
$119,700,000
$270/SF
Building Size
443,000 SF
Asset Type
Office
Closing
Sep 4, 2021
About this deal
AI
The office property located at 8720 Stony Point Parkway in Richmond, Virginia, and 6075 Poplar Avenue in Memphis has been sold. The seller, Highwoods Properties, Inc., was represented by Ted Klinck. The transaction took place on September 4, 2021.
Summary of transaction details:
- Property Type: Office
- Sale Price: $119,700,000
- Square Footage: 443,000
- Price per Square Foot: $270
- Market: Richmond, Virginia & Memphis
Ted Klinck of Highwoods Properties, Inc. facilitated the sale of the office property. The transaction amount was $119,700,000, with a total area of 443,000 square feet. The property is situated in both Richmond, Virginia, and Memphis. The sale price per square foot was $270.
Players
Richmond Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93