Highwoods Properties a publicly traded REIT, acquired Advance Auto Parts Tower, a 20-story highrise, from Lionstone Investments. Lionstone Investments, who developed the building in partnership with Kane Realty Corp., were the sellers.

CommercialEdge reports Highwoods plans to use proceeds from the recent $145 million sale of three office buildings in Tampa, Fla., to fund the acquisition of Advance Auto Parts Tower.

The 346,000-square-foot tower came online in 2020. It features 11 floors of office space atop eight levels of parking and roughly 8,200 square feet of retail. The property was fully leased at the end of 2024, with a weighted average lease term of 8.2 years.

With a street address of 4200 Six Forks Road or 4000 Front at North Hills Street, the building is immediately adjacent to CAPTRUST Tower, a 300,000-square-foot Class A+ office property that is also owned by Highwoods.

At the end of 2024, the REIT’s portfolio encompassed 27.2 million square feet across several U.S. markets, while its development pipeline totaled 1.6 million square feet.

Highwoods sold an eight-building Raleigh medical office portfolio to two separate buyers. Evergreen Medical Properties acquired the seven buildings in the Rexwoods Office Center campus in West Raleigh. Northwood Ravin purchased a nearly 100,000-square-foot building next to the Research Triangle Park between Durham and Raleigh. The Rexwoods campus is across from UNC-REX Hospital. The Rexwoods campus was 84 percent occupied. The total price for the 338,000-square-foot deal was $79.4 million

Commercial Edge reports Evergreen received $23.9 million in financing from Webster Bank and a $22.5 million loan from Equitrust Life Insurance Co. to finance the acquisition of the Rexwoods campus. Meanwhile, Highwoods Properties provided $6.2 million in non-recourse first mortgage seller financing to Northwood for the RTP building.

Highwoods Properties developed and purchased the buildings between 1982 and 1998.

JLL Senior Managing Directors Mindy Berman and Ryan Clutter were part of the team involved in the sale. Senior Director Anthony Sardo and Director Ward Smith arranged the debt financing.