Highwoods Closes $138 Million Acquisition of Advance Auto Parts Tower in Raleigh

Core Insights - Highwoods Properties, Inc. has acquired Advance Auto Parts Tower for a total investment of $138 million, located in Raleigh's North Hills Best Business District [1] - The office tower spans 346,000 square feet, is 20 stories tall, and is LEED-gold certified, with a 100% lease rate as of December 31, 2024, and a weighted average lease term of 8.2 years [1] - The acquisition is expected to generate cash net operating income of $11.0 million and GAAP net operating income of $11.9 million in the first four quarters following the closing [2] Company Overview - Highwoods Properties, Inc. is a publicly-traded, fully-integrated office real estate investment trust (REIT) headquartered in Raleigh, focusing on owning, developing, acquiring, leasing, and managing properties in major business districts across several cities [3] - The company's vision is to lead the evolution of commercial real estate, creating environments that inspire collaboration and success among customers and shareholders [3]