Best Real Estate Deals/Memphis Business Journal

MEMPHIS BUSINESS JOURNAL’s BEST REAL ESTATE DEALS/EAST MEMPHIS

Boyle’s Highwoods Purchase

Locations:  International Place II, Triad Centres I, II and III

Date of the Deal:  Transaction closed March 2020

Dealmakers:  Boyle Investment Company; Highwoods Properties

Highwoods Properties completed in March 2020 its sale of four East Memphis office buildings that total 599,000 square feet.  MBJ first reported in January that Highwoods was in advanced negotiations to sell International Place II and Triad Centres I, II and II to Boyle Investment Company.  One source with knowledge of the deal confirmed at the time that Boyle was the final buyer.  The buildings include a total of $82 million worth of appraised value, according to the Shelby County Assessor of Property.  The Triad buildings give Boyle a virtual monopoly on Class A office space near Poplar Avenue’s intersection with Ridgeway Loop Road – the premier office neighborhood in Memphis.  The Crescent Center, which Highwoods is also trying to sell, is the only significant exception.  International Place II is located at 6410 Poplar Avenue, and Triad Centres I, II and III are located at 6000, 6060 and 6070 Poplar Avenue.  In August 2019, Highwoods announced it planned to sell all of its Memphis assets.  The case from the sales is helping finance the firm’s $436 million purchase of the new Bank of American Tower in Charlotte.  Highwoods had previously sold International place IV and Atrium I and II.  Los Angeles-based CIM Group bought the International Place building, and a group of investors from Nashville and Memphis bought the Atrium buildings.  While International Place I, III and IV are occupied by International Paper, the 210,000-square-foot International place II is a multi-tenant building, home to companies including Jernigan Capital and Martin, Tate, Morrow & Marston.