VOL. 132 | NO. 186 | Tuesday, September 19, 2017
Highwoods Sells Southwind Portfolio for Nearly $40M
By Patrick Lantrip
Highwoods Properties has sold a massive portion of its portfolio in Southwind to a New York-based investment group for $39 million.
In the deal, Highwoods Properties, doing business as Highwoods Reality Limited Partnership, sold eight parcels of land near the intersection of Players Club Parkway and Tournament Drive to Group RMC, which purchased the property under the name of Southwind Memphis Reality LP.
Jeffery D. Miller, Highwoods’ executive vice president, general counsel and secretary, signed the deed on behalf of the North Carolina-based real estate investment trust.
In conjunction with the purchase, the new owners took out a $34.3 million mortgage that was signed by Alexander Massa through Rialto Capital, acting as FS CREIT Originator LLC, according to a deed of trust filed with the Shelby County Register of Deeds.
The properties sold by Highwoods include the 3400 Players Club Parkway office building, the two Shadow Creek office buildings, four office centers and a 2-acre parcel of land
According to the Shelby County Assessor of Property, the sites are spread out across more than 30 acres and was appraised for a combined $46 million approximately.
Most notably, Highwoods Memphis office still owns and operates Triad and Crescent centers, which are both located near the intersection of Poplar Avenue and Ridgeway/Shady Grove Road.
Meanwhile, this marks Group RMC’s first foray into the Memphis market according to their website. The company’s current portfolio includes properties Alabama, Indiana, Kansas, Michigan, Ohio and Quebec.
Calls to both Highwoods and Group RMC were unreturned by press time.