Highwoods Properties has closed the acquisition of Advance Auto Parts Tower in the heart of the Raleigh, N.C., vibrant mixed-use North Hills Best Business District for a total investment of $138 million. The 346,000 square-foot, 20-story, LEED-gold certified, class AA office tower, delivered in 2020, was 100 percent leased at Dec. 31, with a weighted average lease term (WALT) of 8.2 years. Advance Auto Parts Tower is immediately adjacent to Highwoods-owned CAPTRUST Tower, a 16-story class AA office tower encompassing 300,000 square feet that was 98.4 percent leased on Dec. 31, with a WALT of 6.3 years.
Advance Auto Parts Tower is projected to generate cash net operating income of $11 million and GAAP net operating income of $11.9 million in the first four quarters after closing.
