{"id":519432,"date":"2025-08-26T13:16:37","date_gmt":"2025-08-26T13:16:37","guid":{"rendered":"https:\/\/daltxrealestate.com\/?p=519432"},"modified":"2025-08-26T13:16:37","modified_gmt":"2025-08-26T13:16:37","slug":"highwoods-charlotte-parking-garage-sale","status":"publish","type":"post","link":"https:\/\/news.gcu.edu.pk\/en\/highwoods-charlotte-parking-garage-sale\/","title":{"rendered":"Highwoods Properties buys 3,057\u2011space Charlotte garage for $110M"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/daltxrealestate.com\/wp-content\/uploads\/2025\/08\/BOA-Legacy-Union.webp\" alt=\"\" class=\"wp-image-519435\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Dallas, TX.<\/em> \u2014 <a href=\"https:\/\/www.highwoods.com\" title=\"\">Highwoods Properties Inc<\/a>. (NYSE: HIW) has purchased SEVEN20 at Legacy Union, a 14\u2011story, 1.1\u2011million\u2011square\u2011foot parking garage at 720 S. Church St., from Dallas-based real estate firm <a href=\"https:\/\/lpc.com\" title=\"\">Lincoln Property Co<\/a>. for $110 million. The deal closed Aug. 21, according to Mecklenburg County property records.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The structure, which is among the largest parking facilities in the Carolinas, primarily serves Legacy Union\u2019s office tenants and event traffic near Bank of America Stadium. It includes 14,360 square feet of ground\u2011floor 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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Highwoods plans roughly $1.5 million in near\u2011term upgrades; details weren\u2019t disclosed. The garage is expected to generate about $8 million in net operating income over the first four quarters after the sale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">By the numbers:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Implied cap rate: ~7.3% (based on $8M NOI on a $110M price)<\/li>\n\n\n\n<li>Price per space: ~$36,000 (3,057 spaces)<\/li>\n\n\n\n<li>Price per square foot: $100<\/li>\n\n\n\n<li>Planned upgrades: ~1.4% of the purchase price (\u2248 $491 per space)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">CBRE\u2019s Patrick Gildea and Matt Smith represented Lincoln in the transaction. Highwoods did not use a broker.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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 <a href=\"https:\/\/daltxrealestate.com\/how-to-find-off-market-properties-for-sale\/\" title=\"\">off\u2011market<\/a>. Lincoln and its investment partner, <a href=\"https:\/\/daltxrealestate.com\/those-goldman-sachs-rumors-are-confirmed-the-financial-giant-is-heading-to-dallas-uptown\/\" title=\"\">Goldman Sachs<\/a>, had tested buyer interest in recent summers but waited until they believed pricing reflected the asset\u2019s value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The purchase deepens Highwoods\u2019 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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Legacy Union, a 10\u2011acre, class\u2011A 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\u2019s 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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Highwoods Properties purchased SEVEN20 at Legacy Union in Charlotte for $110 million, adding a 3,057-space garage that strengthens its presence near Bank of America Stadium.<\/p>\n","protected":false},"author":1,"featured_media":519435,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177],"tags":[4296,2053,4297,4298,4299,2050,4300,4301,4302,158],"class_list":["post-519432","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-asset-sales","tag-commercial-real-estate","tag-highwoods-properties-inc","tag-investment-deals","tag-lincoln-property-co","tag-market-insights","tag-net-income","tag-office-districts","tag-parking-assets","tag-property-transactions"],"_links":{"self":[{"href":"https:\/\/news.gcu.edu.pk\/en\/wp-json\/wp\/v2\/posts\/519432","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/news.gcu.edu.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.gcu.edu.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.gcu.edu.pk\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/news.gcu.edu.pk\/en\/wp-json\/wp\/v2\/comments?post=519432"}],"version-history":[{"count":0,"href":"https:\/\/news.gcu.edu.pk\/en\/wp-json\/wp\/v2\/posts\/519432\/revisions"}],"wp:attachment":[{"href":"https:\/\/news.gcu.edu.pk\/en\/wp-json\/wp\/v2\/media?parent=519432"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.gcu.edu.pk\/en\/wp-json\/wp\/v2\/categories?post=519432"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.gcu.edu.pk\/en\/wp-json\/wp\/v2\/tags?post=519432"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}