Highwoods Properties, Inc., a publicly-traded real estate investment trust (REIT) headquartered in Raleigh, has closed the acquisition of Bank of America Tower at Legacy Union in the heart of Charlotte’s dynamic Uptown CBD submarket for $436 million.
Bank of America Tower at Legacy Union is a trophy, LEED gold-registered office building encompassing 841,000 square feet with structured parking that delivered this year. Bank of America Tower at Legacy Union is currently 90% leased.
The company funded the acquisition with available cash and borrowings under its unsecured revolving credit facility, which currently bears interest at LIBOR plus 100 basis points.
The company said in a statement it has a two-phased plan to exit the Greensboro and Memphis markets.
The first phase consists of selling a select portfolio of assets in Greensboro and Memphis by mid-2020 with a total sales price that approximates the $436 million total investment for Bank of America Tower at Legacy Union and closing its division offices.
The second phase is the planned sale of the remaining assets in both markets. There is no predetermined timetable for the second phase.