Highwoods Properties has bought a 178,000-square-foot office building in Cary for $26 million, according to Wake County property records.
Highwoods was part of a joint venture that bought the 11000 Weston Parkway building in 1999 for $23.2 million.
The Raleigh-based real estate investment trust had a 22.8 percent ownership stake in the joint venture, said Tabitha Zane, Highwoods' vice president of investor relations, and now owns the building outright.
Last week, Highwoods announced that it had sold an 80,445-square-foot building in Pinellas County, Florida for $9.5 million.
Both deals reflect Highwood's strategy, in place since 2005, of pruning its portfolio of older assets and replacing them with higher-quality and better located buildings.
The 11000 Weston Parkway was built in 1998. It's 100 percent leased, Zane said.
Highwoods will report first quarter financial results after the market closes on Tuesday.
The company's shares, which closed at $34.61 on Friday, are up 16 percent this year.