Highwoods Properties, Inc. (HIW) has secured a new tenant for its Greensboro properties. Home improvement retailer, Direct Buy recently signed a 75,000 square feet shipping facility lease in Greensboro for its shipping division. The terms of the lease were not disclosed.
This facility will be located in Highwoods industrial park at 6348 Burnt Poplar Road, Greensboro, North Carolina. This 125,000 square feet industrial property in Greensboro is 100% leased.
The property has an excellent location as it is less than four miles from the Piedmont-Triad International Airport. This location is ideal for Direct Buy as well. Along with the proximity of other furniture manufactures, the Greensboro location gives Direct Buy the space to grow and meet the purchase requirements of its members.
Highwoods is one of the largest owners and operators of suburban office, industrial and retail properties in the Southeastern and Midwestern U.S., providing a complete line of real estate services to its customers and third parties through a fully-integrated organization. This provides a significant upside potential for the company.
Based in Raleigh, North Carolina, Highwoods is a real estate investment trust that owns or has management interests in office, industrial, retail, and service center properties, including development projects and apartment units across the U.S.
It owns and operates its properties through its wholly-owned subsidiary Highwoods Realty Limited Partnerships. As of March 31, 2011, Highwoods owned or had interest in 329 in-service offices, industrial holdings and retail properties spanning approximately 32.4 million square feet. Additionally, Highwoods also owned 610 acres of development land.
Highwoods currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Duke Realty Corp. (DRE) currently retains a Zacks #3 Rank, which translates into a short-term Hold rating.
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