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Duke Adds 789,000 SF to Industrial Portfolio

SAVANNAH, GA-Duke acquires the 504,000-sf Northpoint III and the 285,000-sf Northpoint II, bringing total holdings in the area to 5.1 million sf.

By Natalie Keith | Updated on March 11, 2008

SAVANNAH, GA-Indianapolis-based Duke Realty Corp. has acquired two industrial buildings with a total of 789,000 sf. The seller was locally based Northpoint Industrial.

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.

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