The properties acquired were Northpoint III, a 504,000-sf distribution center in Interstate Centre. The property is 100% leased to dinnerware importer Oneida. The other property acquired was Northpoint II, a 285,000-sf building in Crossroads Business Park, which is near Interstate 95 near Savannah/Hilton Head International Airport. Northpoint II is 100% leased to building supplies wholesaler Laufen International, which occupies 140,400 sf, and fitness products manufacturer Excercera, which occupies 144,600 sf.
The acquisition price was not disclosed, but sources say the price was approximately $30 million. The acquisitions bring Duke's industrial holdings in Savannah to 5.1 million sf.
Duke Realty Corp. executive vice president of the southeast region Sam O'Briant tells GlobeSt.com says the buys are a continuation of the industrial acquisition activity Duke has been conducting in the Savannah area for some time. Duke has an ongoing relationship with Northpoint Industrial, whereby Northpoint develops properties on a build-to-suit basis and Duke acquires them after the projects have been completed.
"We believe that the Crossroads Business Park is the key industrial park in Savannah," he says. "This is a great income play for the company. We plan to hold these assets long term."
He adds that the acquisitions are part of the company's strategy of owning properties near ports. "We believe in the long-term viability of the Savannah port," says O'Briant. "It's a tremendous growth engine that should continue to drive expansion throughout Georgia and the southeast for the foreseeable future."
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