RALEIGH, N.C. — Highwoods Properties Inc. has agreed to purchase Advance Auto Parts Tower, a 20-story office building located in Raleigh’s North Hills district. The seller and sales price were not disclosed, but Triangle Business Journal reported that the 346,000-square-foot property was sold by Lionstone Investments, which delivered the tower in 2020 along with current property manager Kane Realty Corp.
The deal is expected to close in the next 30 days, and Highwoods has contributed $20 million in earnest money deposits in advance of the closing. Advance Auto Parts Tower was fully leased as of year-end 2024, with retailer Advance Auto Parts anchoring the office building. The office tower is situated adjacent to Highwoods’ 16-story CAPTRUST Tower.