Highwoods lists downtown Raleigh parking lot for sale
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Highwoods Properties is looking to cash in on a prime piece of Downtown Raleigh real estate.
Story Highlights Highwoods Properties lists Downtown Raleigh parking lot for sale.
Property valued at $11.33 million, zoned for 40-story mixed-use development.
Highwoods sees potential for residential building amid changing market conditions.
Highwoods Properties has put one of its Downtown Raleigh properties up for sale in light of the shifting real estate market.
Highwoods (NYSE: HIW) is listing its surface parking lot at 301 S. Wilmington St. across from the PNC Plaza building. There is no listing price, but Skip Hill, senior vice president and Raleigh market leader for Highwoods, said the commercial real estate firm is hoping to get "eight figures" for it.
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Highwoods acquired the property in 2017 for $1.88 million from Charlotte-based Beacon Properties. The lot is now assessed for $11.33 million.
The 0.68-acre parking lot is profitable, bringing in a net operating income of $367,045 in 2024, according to the listing for the property. Foundry Commercial is the listing broker firm for Highwoods.
Despite its profitability, Hill said the company thinks it's a prime spot for a residential building, especially since city officials are pushing for more residential units downtown. The company's plan was to develop the lot into an office building, but that was before the pandemic. Now, the downtown area has an abundance of available office space.
The property is zoned for up to 40 stories of mixed-use development. Hill said it would be a great location for a high-rise residential building.
The lot has 56 parking spaces and offers both daily and monthly rental options. Daily is $5 an hour while monthly is $140. Ten percent of the revenue comes from monthly subscriptions.
The parking lot joins a handful of downtown properties on the market. Three parcels at the corner of North Harrington and West Lane streets are up for sale for $15 million while four parcels that would have been the next tower in Bloc83 are also on the market. And after a roller coaster of a process for the original Char-Grill property on Hillsborough Street, the site is back on the market.
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