MIAMI—Highwood Properties just acquired its joint venture partner's 57% interest Glenlake North and South Towers, two class A, 10-story office buildings with structured parking. The sale price: $45.4 million.
Located in Atlanta's Central Perimeter submarket with access to GA 400, the properties span 505,000 square feet. The office assets are valued at $80.6 million, including $1 million of planned near-term building improvements.
That tallies to a total asset value of $159 per square foot—and that's at least a 30% discount to estimated replacement cost. Highland's total incremental investment is expected to be $46 million.
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