In exchange for the property, Highwoods issued 183,587 operating partnership units to Belz and assumed $7.8 million of 8.1% secured debt maturing in February 2016. Brokers throughout the country have been expressing the need for creativity in order to complete transactions in this market, and this deal is certainly an example, says Steve Guinn, Highwoods vice president and Memphis division manager.

"The seller has effectively taken their equity and converted it into units, which is convertible into stock," Guinn tells GlobeSt.com. "They've diversified their equity from one building to a large portfolio of buildings, and now get a dividend coming in every quarter," regardless of management or leasing.

PennMarc Centre is valued at $11.8 million, according to the Shelby County property assessor. Instead of selling to obtain that capital, Belz has instead bought itself a stake in Highwoods' 384 in-service office, industrial and retail properties encompassing approximately 35 million sf and 610 acres of development land, all located in Florida, Georgia, Iowa, Kansas, Missouri, North Carolina, South Carolina, Tennessee and Virginia.