Highwoods Properties buys Legacy Union Parking Garage in Charlotte for $112M

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Highwoods Properties (NYSE:HIW [https://seekingalpha.com/symbol/HIW]) has acquired [https://seekingalpha.com/pr/20208696-highwoods-acquires-legacy-union-parking-garage-at-720-south-church-street-in-charlotte] the Legacy Union Parking Garage in Charlotte, North Carolina for $111.5M, it said on Thursday.

The 3,057 space garage, located at 720 South Church Street in Uptown Charlotte, supports the parking needs for 1.2M square feet of Highwoods-owned office at Legacy Union.

Legacy Union Parking Garage is expected to generate cash and GAAP net operating income of $8.0M in the first four quarters after closing.

"This strategic acquisition improves connectivity with our 1.2 million square feet of office customers at Legacy Union, while immediately strengthening our cash flows and improving our long-term growth rate," said Highwoods Properties President and CEO Ted Klinck.

Timing of the agreement was not disclosed.

HIW shares dipped 1.6% in after-hours trading.

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