Highwoods will lease and manage the property, which is 92% occupied. "We own all the other properties around Lake Eola so when the opportunity to acquire this property arose, we took it," Highwoods Properties vice president of investor relations Tabitha Zane tells GlobeSt.com.
Highwoods DLF joint venture partner is Kapital-Consult, whose US advisor is European Investors. The first of four joint ventures between the firms was formed in 1999.
In a separate transaction, Highwoods acquired .8 acres of development land adjacent to Eola Park Centre for $2 million. The land is entitled for the development of an office building up to 224,000 sf. Highwoods has not yet determined whether to develop the property, Zane says.
"The acquisition of wholly owned development land adjacent to Eola Park Centre also fits well with our strategy of targeting prime, infill locations for future growth," Highwoods Properties president and CEO Ed Fritsch says in a statement.
With the transaction, Highwoods owns or has interest in 1.4 million sf of office properties in Downtown Orlando. On average, the properties are 92% leased.
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