The real estate investment trust Highwoods Properties Inc. (NYSE: HIW) has acquired Advance Auto Parts Tower, a 20-story, Class AA office tower located in the North Hills Best Business District of Raleigh, North Carolina.
The 346,000-square-foot, LEED-gold certified tower opened in 2020 and is 100% leased, with a current weighted average lease term of 8.2 years. Advance Auto Parts Tower is immediately adjacent to Highwoods-owned CapTrust Tower, a 16-story, 300,000-square-foot Class AA office tower.
The financial aspects of the acquisition were not disclosed. Highwoods Properties said it would fund the acquisition “on roughly a leverage-neutral basis using the proceeds from the recent sale of non-core assets in Tampa that closed earlier in the first quarter.” The company added it was “posting earnest money deposits in the amount of $20.0 million that are non-refundable except in limited circumstances.”
Photo courtesy of Kane Realty
