GCU News & Blog

Tag: Property Transactions

  • Highwoods Properties buys 3,057‑space Charlotte garage for $110M

    Dallas, TX. — Highwoods Properties Inc. (NYSE: HIW) has purchased SEVEN20 at Legacy Union, a 14‑story, 1.1‑million‑square‑foot parking garage at 720 S. Church St., from Dallas-based real estate firm Lincoln Property Co. for $110 million. The deal closed Aug. 21, according to Mecklenburg County property records.

    The structure, which is among the largest parking facilities in the Carolinas, primarily serves Legacy Union’s office tenants and event traffic near Bank of America Stadium. It includes 14,360 square feet of ground‑floor retail along Church Street and a pedestrian bridge on the fifth level that links directly to Bank of America Tower at 620 S. Tryon St. Lincoln will continue to manage the property.

    Highwoods plans roughly $1.5 million in near‑term upgrades; details weren’t disclosed. The garage is expected to generate about $8 million in net operating income over the first four quarters after the sale.

    By the numbers:

    • Implied cap rate: ~7.3% (based on $8M NOI on a $110M price)
    • Price per space: ~$36,000 (3,057 spaces)
    • Price per square foot: $100
    • Planned upgrades: ~1.4% of the purchase price (≈ $491 per space)

    CBRE’s Patrick Gildea and Matt Smith represented Lincoln in the transaction. Highwoods did not use a broker.

    Lincoln executives called the garage the operational center of the Legacy Union campus, critical for office users during the workweek and a workhorse on event days around the stadium. The company said the sale was off‑market. Lincoln and its investment partner, Goldman Sachs, had tested buyer interest in recent summers but waited until they believed pricing reflected the asset’s value.

    The purchase deepens Highwoods’ footprint at Legacy Union. The REIT acquired Bank of America Tower in 2019 for $441.6 million and SIX50 in 2022 for $201.2 million. Elsewhere in Charlotte, Highwoods also owns Capitol Towers and One, Two and Three Morrocroft Center in SouthPark.

    Legacy Union, a 10‑acre, class‑A office district developed by Lincoln in partnership with Goldman Sachs, has delivered in phases: the parking garage and Bank of America Tower (2019); SIX50 (2020); Honeywell’s headquarters (sold in 2021 for $275 million to PRP Real Estate Investment Management); and Legacy Union 6HUNDRED (2024). Lincoln says 6HUNDRED is the only delivered asset there it still owns and may eventually sell.

    The deal consolidates control of key campus infrastructure under a landlord that already owns two neighboring towers, a setup that can streamline access, pricing, and operations for tenants. With downtown parking demand supported by both office users and stadium events, the income profile of this garage offers a buffer as the office market continues to adjust.

  • 4 Major Factors that Contribute to a Real Estate Attorney’s Fees

    Source: https://imagesource.io/images/real-estate/

    Buying or selling a property is no joke. It’s a real investment, and hence, it is wise to hire an attorney while dealing with real estate transactions.

    A real estate attorney is important for the right handling of all legal aspects of a transaction, from contract review to the final round of closing papers.

    One thing most people do not consider, though, is the cost of hiring a real estate attorney. Knowing what determines a real estate attorney’s fee will help you better plan and avoid surprise bills.

    The cost hinges on certain specifics: how complicated the case or transaction is, the experience of an attorney, and perhaps even the style or place of that attorney.

    It’s important to understand just what you are paying for and why some services might be more expensive than others.

    In this article, we’ll explore the four major factors that can affect a real estate attorney’s fee.

    1. Complexity of the Transaction

    Perhaps the largest determinant for a real estate attorney’s fee is the complexity of the transaction.

    Should it be a straightforward transaction dealing with the buying and selling of a home, the cost will be reduced.

    However, if it’s complicated by any of the factors: title troubles, zoning issues, or commercial matters, then attorney time and effort in such a case are increased. Such transactions involve more paperwork, extra meetings, and negotiations that usually inflate the attorney’s fee.

    For example, if there is a lawsuit involving a delineation of property that might necessitate your attorney to litigate for you or take up a settlement issue, such costs would multiply from what you would pay concerning a simple sale.

    2. Location

    The cost of the attorney could also significantly depend on where your property is located. Obviously enough, the cost of living in big metropolitan cities is higher, and so are legal fees. Attorneys who practice in cities like New York or Los Angeles may charge much more than those who work in small towns or even rural areas.

    Moreover, local legislation and state-specific real estate law can affect the cost of legal services. Areas with a complicated legal system or those with fast-changing laws require more lawyers to understand the complex system, and thus they charge more.

    3. Attorney’s Experience and Reputation

    This is yet another factor that will determine the fees that your attorney will charge you. Experienced attorneys charge high fees because they have spent many years tackling complex transactions, which usually have a very high success rate. They can foresee all the challenges. Therefore, they give you the best legal advice that will save you money in the long run.

    Similarly, popular attorneys with a proven track record in that field may demand high fees. While expensive, an experienced attorney could well be your best investment against costly blunders.

    4. Billing Structure: Flat Fee vs. Hourly Rate

    The way an attorney structures their billing also impacts how much you’ll pay. Many real estate attorneys charge either a flat fee or an hourly rate.

    Flat fees are common for straightforward transactions, like residential property closings, and provide a clear idea of the total cost upfront. These flat fees typically range between $500 and $1,500, depending on the location and transaction details.

    On the other hand, attorneys who charge by the hour are often dealing with more complex cases. Hourly rates can range from $150 to $350 per hour or more, depending on the attorney’s experience.

    If your case involves disputes or legal hurdles, the final fee may end up being higher due to the amount of time the attorney spends on your case.

    Conclusion

    A real estate attorney can be crucial in carrying out a problem-free property transaction. Hence, the factors determining their cost are very important to understand. Understanding these key factors will give you an estimate of your legal costs, allowing you to make a wise decision.