Highwoods Expands Raleigh NC Footprint by 243K

Highwoods Properties closed on the acquisition of the Charter Square Building on Fayetteville Street in downtown Raleigh, NC. The local buyer struck the deal with Dominion Realty Partners and Prudential Real Estate Investors for the 243,000-square-foot office building, which delivered in June 2015. The total investment was $83.5 million, including $5.1 million geared toward building and tenant improvements.

The building at 502 S. Wilmington St. is 70% occupied. Highwoods anticipates annual cash and NOI to be $6 million upon stabilization, which is projected to take place in 2018.

The buyer has invested $251 million overall in the Raleigh CBD, with the portfolio totaling close to one million square feet of office assets in the CBD. Highwoods also has a development site that can support up to 300,000 square feet of Class A office.

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