Highwoods Properties, Inc. has acquired the Legacy Union Parking Garage in Uptown Charlotte for a total investment of $111.5 million, which includes planned near-term building improvements. This acquisition adds a 3,057-space garage to its portfolio.
The garage is strategically located at 720 South Church Street and supports 1.2 million square feet of Highwoods-owned office space at Legacy Union, including the Bank of America Tower and 650 South Tryon. It is connected to these office buildings via a skybridge, enhancing customer convenience.
Approximately 70% of the garage's annual revenue is derived from Legacy Union office customers, with a weighted average remaining contractual term of 9 years. The acquisition is expected to generate cash and GAAP net operating income of $8.0 million in the first four quarters following closing.
President and CEO Ted Klinck stated that this strategic acquisition improves connectivity for existing office customers at Legacy Union. It is also expected to immediately strengthen cash flows and improve the company's long-term growth rate, deepening its presence in the Uptown Charlotte Best Business District.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.