Highwoods Closes $138 Million Deal for Advance Auto Parts Tower

Highwoods Properties, a publicly traded real estate investment trust, has announced the completion of its acquisition of the Advance Auto Parts Tower in Raleigh, North Carolina, for $138 million. The 346,000-square-foot, 20-story Class AA office tower, which has been LEED-gold certified and constructed in 2020, was fully leased by the end of 2024. It is positioned adjacently to Highwoods' existing CAPTRUST Tower. The acquisition is expected to generate $11 million in cash net operating income and $11.9 million in GAAP net operating income in the first year following the purchase. This move aligns with Highwoods' strategic focus on owning and managing properties in prime business districts across Southern U.S. cities. The release also includes forward-looking statements discussing potential future company strategies, risks, and market conditions that could impact performance.