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GREENSBORO, NC-Just before opening its doors, Highwoods Properties has fully preleased its Enterprise III distribution facility. The industrial property at 653 Brigham Rd. hit 100% when locally based RF Micro Devices Inc. signed a long-term lease for the entire site.

The $5.5-million, 120,000-sf facility, which is slated for completion this month, is rising in Enterprise Park in the airport submarket of the Triad. Tabitha Zane, vice president of investor relations at Highwoods, declined to release the exact rental rate; however, she tells GlobeSt.com that similar deals--with TIs--in the airport submarket range between $3.90 and $4.50 per sf. She adds the RF Micro Devices deal falls within that range.

"As a Highwoods customer for over 10 years, RF Micro Devices has rapidly expanded its footprint around the world, and we are pleased we have been able to accommodate their growing space needs in the Triad over this period," Ed Fritsch, president and CEO of Highwoods Properties, says in a statement. "Highwoods ability to accommodate the space needs of rapidly expanding corporations, such as RF Micro Devices, provides us with a competitive edge in our markets."

In addition to Enterprise III, Highwoods is developing Enterprise II. The 418,000-sf asset is 44% preleased. "It is clear that the airport submarket in the Triad is rapidly becoming a primary distribution center in the Eastern United States and Enterprise Park is strategically located in this area. Enterprise III will now stabilize in the fourth quarter of 2007, a full year ahead of our projections."

Instant Insights /

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