Key Takeaways Highwoods acquired the Legacy Union Parking Garage in Uptown Charlotte for $111.5M.The 3,057-space facility supports 1.2M sq ft of Highwoods office properties at Legacy Union.The garage is projected to deliver $8M in cash and GAAP net operating income in its first four quarters. Highwoods Properties, Inc. (HIW) recently announced that it has completed the acquisition of Legacy Union Parking Garage for $111.5 million, including planned near-term building improvements.Located at 720 South Church ...

Core Insights - Highwoods Properties, Inc. has made a total investment of $111.5 million to acquire the Legacy Union Parking Garage in Uptown Charlotte, which includes planned near-term building improvements [2][3] - The parking garage has 3,057 spaces and supports the parking needs for 1.2 million square feet of Highwoods-owned office space at Legacy Union, connected via a skybridge [2][3] - Approximately 70% of the annual revenue from the garage comes from long-term leases with office customers, with a weighted average remaining contractual term of 9 years [3] Financial Performance - The Legacy Union Parking Garage is expected to generate cash and GAAP net operating income of $8.0 million in the first four quarters following the acquisition [3] - The remaining revenue is derived from transient and special events, particularly those at the adjacent 75,000-seat Bank of America Stadium [3] Strategic Importance - The acquisition is seen as a strategic move to enhance connectivity with existing office customers and strengthen cash flows, thereby improving long-term growth prospects for Highwoods [4]