HIW - Highwoods Properties to acquire 2 properties to expand in Charlotte market

Highwoods Properties (NYSE:HIW) on Monday announced 2 acquisitions that will strengthen its best business district presence and development prospects in the Charlotte market. HIW will acquire 650 South Tryon at Legacy Union in Charlotte's uptown central business district submarket for total investment of $203M, including $3.9M of anticipated leasing capex to bring the property to stabilization. 650 South Tryon, which is currently 78% leased, is a trophy, LEED gold-certified office building spanning 367K sq. ft. HIW's total investment is net of $5.1M of free rent and other rent-related credits expected to be received from the seller at closing. HIW estimates annual GAAP and cash net operating income to be ~$11.2M and $10.8M, respectively, on stabilization, which is projected to occur in 2024. The acquisition is slated to close in Q3. HIW will also acquire a mixed-use development site in the heart of Charlotte's south end submarket for $27M. 1426 South Tryon

For further details see:

Highwoods Properties to acquire 2 properties to expand in Charlotte market