Highwoods Properties, Inc. (NYSE:HIW) acquired the Legacy Union Parking Garage located at 720 South Church Street in Uptown Charlotte for a total investment of $111.5 million, including planned near-term building improvements. This 3,057-space garage supports the parking needs for 1.2 million square feet of Highwoods-owned office space at Legacy Union, which consists of Bank of America Tower and 650 South Tryon, and is connected to these office buildings via a skybridge.
Approximately 70% of the annual revenue is derived from Legacy Union office customers leased long-term with a weighted average remaining contractual term of 9 years. Transient and special events revenue, largely due to events at the adjacent 75,000-seat Bank of America Stadium, accounts for the remainder of the garage’s revenues. 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 closing.
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