Highwoods Properties is expanding its footprint in Florida.
The Raleigh-based real-estate investment trust announced today that it has bought a vacant, 117,000 square-foot office building and a 33-acre development site located near Tampa's airport for about $17.6 million.
The site, in the Westshore submarket, includes room for up to 524,000 square feet of future office space.
"This acquisition is a great long-term opportunity for our Company to own core development land in Westshore, Tampa's best submarket, at attractive pricing," said CEO Ed Fritsch, in a prepared statement.
Highwoods already owns or has an interest in 14 office buildings in the Westshore area, or about 2.2 million square feet. The company also owns 53 acres of undeveloped land in Tampa worth about $19.3 million.
Several Wall Street analysts have downgraded Highwoods' stock in recent months, citing worries about the weak economy hurting growth in the company's core markets. The company is one of the largest office landlords in the Southeast.
Highwoods shares rose 17 cents to close at $32.27 today. The stock is up about 4 percent in the past year.