**Highwoods Properties Acquires Legacy Union Parking Garage for $111.5 Million**
Highwoods Properties, Inc. (NYSE: HIW) has acquired the Legacy Union Parking Garage located at 720 South Church Street in Uptown Charlotte. The total investment for the acquisition, which includes planned near-term building improvements, amounts to $111.5 million.
The parking facility features 3,057 spaces and serves the 1.2 million square feet of Highwoods-owned office space at Legacy Union, which includes the Bank of America Tower and 650 South Tryon. The garage is connected to both office buildings through a skybridge.
Approximately 70% of the garage’s annual revenue comes from long-term leases with Legacy Union office tenants, with a weighted average remaining contractual term of nine years. The remaining revenue is generated from transient and special events parking – largely driven by the nearby 75,000-seat Bank of America Stadium.
The property is expected to generate $8.0 million in cash and GAAP net operating income during the first four quarters following the closing of the acquisition.
