Highwoods Properties, Inc. Sells Office Assets In Richmond, Virginia And Memphis For $119.7M
SOLD
$119,700,000
Virginia
See Similar DealsOffice443,000 SF
Sold 09/04/2021
SOLD
Highwoods Properties, Inc. Sells Office Assets In Richmond, Virginia And Memphis For $119.7M
8720 Stony Point Parkway, Richmond, Virginia, USA
See Similar DealsOffice443,000 SF
Sold 09/04/2021
Summary
VIRGINIA
Asset Type:Office
Price Per Square Foot:$270
Total Square Footage:443,000 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,384,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$425,268.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$567,439.07
Annual Debt Service$6,809,268.82
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