Highwoods Properties announced Wednesday that it has sold three properties in Atlanta and Mississippi for $86.5 million.
The properties were all build-to-suits that Highwoods constructed for the federal government. They are 100 percent leased and were projected to generate $6.1 million in income this year for the Raleigh-based real estate investment trust.
The properties include a 353,04-square-foot industrial property in Atlanta leased to the National Archives and Record Administration; a 90,688-square-foot office building in Atlanta leased by the Department of Homeland Security; and a 109,819-square-foot office building in Mississippi leased by the General Services Administration.
Highwoods CEO Ed Fritsch described the properties as noncore assets in a release.
"NARA was by far our largest industrial asset in Atlanta; DHS is located in downtown Atlanta, a non-core submarket for us; and the GSA field office was our only asset in the State of Mississippi,” he said in a statement.