Highwoods Acquires Legacy Union Parking Garage at 720 South Church Street in Charlotte
Highwoods Properties (NYSE:HIW) has acquired the Legacy Union Parking Garage in Uptown Charlotte for $111.5 million, including planned improvements. The 3,057-space facility supports 1.2 million square feet of Highwoods-owned office space at Legacy Union, connecting to Bank of America Tower and 650 South Tryon via skybridge.
The garage is expected to generate $8.0 million in cash and GAAP net operating income in the first year post-closing. About 70% of annual revenue comes from Legacy Union office customers with a 9-year weighted average contractual term, while the remainder derives from transient and special events parking, particularly from the adjacent Bank of America Stadium.
Highwoods Properties (NYSE:HIW) ha comprato il garage di parcheggio Legacy Union a Uptown Charlotte per 111,5 milioni di dollari, comprensivi dei lavori previsti. La struttura da 3.057 posti auto serve 1,2 milioni di piedi quadrati di uffici di proprietà Highwoods a Legacy Union e collega la Bank of America Tower e il 650 South Tryon tramite passerella coperta.
Si prevede che il garage generi nel primo anno dopo la chiusura un utile operativo netto in contanti e secondo i principi contabili GAAP pari a 8,0 milioni di dollari. Circa il 70% dei ricavi annui proviene dai clienti d’ufficio di Legacy Union, con un termine contrattuale medio ponderato di 9 anni, mentre il resto deriva da parcheggi temporanei e per eventi speciali, in particolare per il vicino Bank of America Stadium.
Highwoods Properties (NYSE:HIW) adquirió el garaje de Legacy Union en Uptown Charlotte por 111,5 millones de dólares, incluida la mejora planificada. La instalación de 3.057 plazas da servicio a 1,2 millones de pies cuadrados de oficinas propiedad de Highwoods en Legacy Union y conecta con Bank of America Tower y 650 South Tryon mediante pasarela elevada.
Se espera que el garaje genere en el primer año tras el cierre 8,0 millones de dólares en ingresos operativos netos en efectivo y según GAAP. Aproximadamente el 70% de los ingresos anuales procede de clientes de oficinas de Legacy Union, con un plazo contractual medio ponderado de 9 años, y el resto proviene de aparcamientos temporales y eventos especiales, especialmente del contiguo Bank of America Stadium.
Highwoods Properties (NYSE:HIW)가 업타운 샬럿의 레거시 유니온 주차장을 예정된 개선비를 포함해 1억1150만 달러에 인수했습니다. 3,057대 규모의 이 시설은 레거시 유니온에 있는 Highwoods 소유 사무공간 120만 평방피트를 지원하며, 스카이브리지를 통해 뱅크오브아메리카 타워와 650 사우스 트라이언과 연결됩니다.
이 주차장은 클로징 후 첫 해에 현금 및 GAAP 기준 순영업이익으로 800만 달러를 창출할 것으로 예상됩니다. 연간 수익의 약 70%는 레거시 유니온의 사무실 고객으로부터 나오며, 가중평균 계약 기간은 9년입니다. 나머지 수익은 인근 뱅크오브아메리카 스타디움과 같은 임시 주차 및 이벤트 주차에서 발생합니다.
Highwoods Properties (NYSE:HIW) a acquis le parking Legacy Union à Uptown Charlotte pour 111,5 millions de dollars, travaux prévus inclus. L'installation de 3 057 places dessert 1,2 million de pieds carrés de bureaux appartenant à Highwoods à Legacy Union et relie la Bank of America Tower et le 650 South Tryon par passerelle.
Le garage devrait générer 8,0 millions de dollars de résultat d'exploitation net en espèces et selon les normes GAAP la première année après la clôture. Environ 70% des revenus annuels proviennent des clients de bureaux de Legacy Union, avec une durée contractuelle moyenne pondérée de 9 ans, le solde provenant du stationnement temporaire et des événements spéciaux, notamment liés au stade adjacent Bank of America Stadium.
Highwoods Properties (NYSE:HIW) hat die Legacy Union Parkgarage in Uptown Charlotte für 111,5 Millionen US-Dollar übernommen, inklusive geplanter Verbesserungen. Die 3.057 Stellplätze umfassende Anlage bedient 1,2 Millionen Quadratfuß Highwoods-eigene Büroflächen bei Legacy Union und ist per Fußgängertunnel mit der Bank of America Tower sowie 650 South Tryon verbunden.
Die Garage dürfte im ersten Jahr nach Abschluss 8,0 Millionen US-Dollar an Cash- und GAAP-basiertem Netto-Betriebsergebnis erwirtschaften. Etwa 70% der Jahresumsätze stammen von Legacy Union Büro-Kunden mit einer gewogenen durchschnittlichen Vertragslaufzeit von 9 Jahren, der Rest entfällt auf kurzfristige Parkvorgänge und Veranstaltungen, vor allem im Zusammenhang mit dem nahegelegenen Bank of America Stadium.
- Strategic acquisition strengthening connectivity with 1.2M SF of office customers
- Expected $8.0M in net operating income in first year
- 70% of revenue secured by long-term contracts with 9-year average term
- Additional revenue stream from events at 75,000-seat Bank of America Stadium
- Immediate cash flow enhancement and improved long-term growth rate
- Significant capital investment of $111.5M including planned improvements
- 30% of revenue dependent on variable transient and event parking
3,057 Space Garage Supports 1.2M SF of Existing Highwoods Office
9 Years Weighted Average Contractual Term for Office Users
RALEIGH, N.C., Aug. 21, 2025 (GLOBE NEWSWIRE) -- Highwoods Properties, Inc. (NYSE:HIW) has acquired the Legacy Union Parking Garage located at 720 South Church Street in Uptown Charlotte for a total investment of
Approximately
Ted Klinck, President and CEO, stated “We are excited to expand our presence at Legacy Union in the Uptown Charlotte BBD with the acquisition of the Legacy Union Parking Garage. This strategic acquisition improves connectivity with our 1.2 million square feet of office customers at Legacy Union, while immediately strengthening our cash flows and improving our long-term growth rate.”
About Highwoods
Highwoods Properties, Inc., headquartered in Raleigh, is a publicly-traded (NYSE:HIW), fully-integrated office real estate investment trust (“REIT”) that owns, develops, acquires, leases and manages properties primarily in the best business districts (BBDs) of Atlanta, Charlotte, Dallas, Nashville, Orlando, Raleigh, Richmond and Tampa. Our vision is to be a leader in the evolution of commercial real estate for the benefit of our customers, our communities and those who invest with us. Our mission is to create environments and experiences that inspire our teammates and our customers to achieve more together. We are in the work-placemaking business and believe that by creating exceptional environments and experiences, we can deliver greater value to our customers, their teammates and, in turn, our shareholders. For more information about Highwoods, please visit our website at www.highwoods.com.
Forward-Looking Statements
Some of the information in this press release may contain forward-looking statements. Such statements include, in particular, statements about our plans, strategies and prospects such as the following: the expected financial and operational results and the related assumptions underlying our expected results; the planned sales of non-core assets and expected pricing and impact with respect to such sales, including the tax impact of such sales; the anticipated total investment, projected leasing activity, estimated replacement cost and expected net operating income of acquired properties and properties to be developed; and expected future leverage of the Company. You can identify forward-looking statements by our use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “continue” or other similar words. Although we believe that our plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that our plans, intentions or expectations will be achieved.
Factors that could cause our actual results to differ materially from Highwoods’ current expectations include, among others, the following: the financial condition of our customers could deteriorate; our assumptions regarding potential losses related to customer financial difficulties could prove incorrect; counterparties under our debt instruments, particularly our revolving credit facility, may attempt to avoid their obligations thereunder, which, if successful, would reduce our available liquidity; we may not be able to lease or re-lease second generation space, defined as previously occupied space that becomes available for lease, quickly or on as favorable terms as old leases; we may not be able to lease newly constructed buildings as quickly or on as favorable terms as originally anticipated; we may not be able to complete development, acquisition, reinvestment, disposition or joint venture projects as quickly or on as favorable terms as anticipated; development activity in our existing markets could result in an excessive supply relative to customer demand; our markets may suffer declines in economic and/or office employment growth; increases in interest rates could increase our debt service costs; increases in operating expenses could negatively impact our operating results; natural disasters and climate change could have an adverse impact on our cash flow and operating results; we may not be able to meet our liquidity requirements or obtain capital on favorable terms to fund our working capital needs and growth initiatives or repay or refinance outstanding debt upon maturity; and the Company could lose key executive officers.
This list of risks and uncertainties, however, is not intended to be exhaustive. You should also review the other cautionary statements we make in “Risk Factors” set forth in our 2024 Annual Report on Form 10-K. Given these uncertainties, you should not place undue reliance on forward-looking statements. We undertake no obligation to publicly release the results of any revisions to these forward-looking statements to reflect any future events or circumstances or to reflect the occurrence of unanticipated events.
| Contact: | Brendan Maiorana Executive Vice President and Chief Financial Officer brendan.maiorana@highwoods.com 919-872-4924 | |
FAQ
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