Highwoods has preleased 100,000 sf of the project to BeverageHouse Inc., a privately held manufacturer and distributor of tea.The project is expected to be completed in January 2009. BeverageHouse is expected to move into the space in February.

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Highwoods River Point Business Park will accommodate eightbuildings with approximately 1.3 million sf. Highwoods PropertiesInc. vice president of Atlanta division Jim Bacchetta tellsGlobeSt.com that, in addition to the start of construction on thefirst building, work on infrastructure for the entire park has alsostarted.

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"We've had a lot of activity and interest in the park,"Bacchetta says. "Based on the leasing activity, we anticipatemoving forward with the other buildings in the park soon."

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In a statement, president and CEO Ed Fritsch says, "HighwoodsRiver Point Business Park is a great industrial tract with quickaccess to Interstate 75. We are pleased to expand our presence inthe Atlanta market where we currently own 2.8 million sf ofindustrial properties that are, on average, 95.2% occupied."

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With the start of Highwoods River Point, the company'sdevelopment pipeline grows to 2.4 million sf, representing aninvestment of $389 million that is 70% preleased. Thesedevelopments are expected to generate stabilized cash returns onthe total investment of between 9% and 10%.

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