Highwoods Rings Lake Eola With $40M Buy

ORLANDO-Under an existing DLF joint venture, Raleigh, NC-based Highwoods Properties Inc. has acquired the 167,000-sf Eola Park Centre class A office building and adjacent parking facility for $40 million. The joint venture, in which Highwoods has a 23% interest, plans to enter into a $27-million secured loan on the asset.

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.