Charlotte’s Biggest Parking Garage Sold for $110M in Key Downtown Deal
Standing 14 stories tall at 720 South Church Street, this concrete giant holds 3,057 vehicles: making it the largest in the Carolinas.
In a major transaction this week, Highwoods Properties acquired SEVEN20 at Legacy Union from Lincoln Harris. The price tag: $110 million for downtown Charlotte's massive parking structure.
Standing 14 stories tall at 720 South Church Street, this concrete giant holds 3,057 vehicles: making it the largest in the Carolinas. A fifth-floor walkway connects to Bank of America tower, while street-level shops take up 14,360 square feet.
"This transaction highlights the continued demand for well-located assets in the Charlotte market, particularly within the thriving Uptown core," said Patrick Gildea, Vice Chairman and Co-Head of U.S. Office Capital Markets, East Region, according to Mecklenburg Times.
Built in 2019, the structure stands out with its winding spiral design. Two banks of swift passenger lifts whisk drivers and pedestrians between floors. This parking hub fits into the bigger picture of Legacy Union, a mixed-use site spanning 10.2 acres.
John Crowell, Senior Vice President at Lincoln Property Company, stated: "Lincoln Property Company is honored to have developed SEVEN20 at Legacy Union and are thrilled to continue managing this premier asset and to further strengthen our partnership with Highwoods and the Legacy Union project."
The structure sits at the heart of Charlotte's work district, where 120,000 people clock in daily: a third of the city's office space. Just seven miles from the international airport, it offers quick access to LYNX trains.
Sports fans and concert-goers pack the garage during Bank of America Stadium events. Panthers NFL games, Charlotte FC soccer matches, and big-name shows bring steady traffic. CBRE's Patrick Gildea and Matt Smith sealed the deal for Lincoln Harris.
