Highwoods Properties Inc.
) continues to boost its office portfolio with the construction
of the fourth office building in GlenLake Park in Raleigh.
Spanning 166,000 square feet with structured parking, the
multi-tenant office building is already 25% pre-leased.
The construction of this building will commence in fourth-quarter
2013 and is targeted to be completed by first-quarter 2015.
Highwoods' estimated investment is $35.8 million, including
existing company-owned land valuation.
This investment in the fourth office building in GlenLake Park
can be considered as a strategic one given that the other three
Class A office buildings' (spanning 440,000 square feet) are
Highwoods is actively repositioning its portfolio to focus on
growing markets and is expanding in highly desirable infill
locations. It is developing properties, making strategic
dispositions and opportunistic buyouts and we expect these
efforts to help strengthen its position in vibrant office markets
of the U.S. and ride on the growth curves.
This new project will improve Highwoods' development pipeline
that currently stands at 1.1 million square feet of wholly-owned
projects and 215 multi-family units in a 50%-50% owned joint
This represented an investment of around $275 million and the
properties are 86% pre-leased, thereby reflecting the solid
demand for the company's properties and ensuring steady revenue.
Highwoods currently carries a Zacks Rank #3 (Hold). Other
promising stocks include
Sotherly Hotels Inc.
Sovran Self Storage Inc.
). All these stocks carry a Zacks Rank #1 (Strong Buy).
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