04:33 PM EDT, 08/21/2025 (MT Newswires) -- Highwoods Properties ( HIW ) said late Thursday it acquired Legacy Union Parking Garage in Uptown Charlotte, North Carolina, for a total investment of $111.5 million.

The 3,057-space garage accommodates the parking requirements for 1.2 million square feet of Highwoods-owned office at Legacy Union. The garage is projected to generate cash and net operating income of $8 million in the first four quarters after closing of the deal, the company said.

Around 70% of the annual revenue is generated from Legacy Union office customers leased on a long-term basis with a weighted average remaining contractual term of nine years, the company added.