Duke Realty has acquired an 18-building, 5.1-million-square-foot bulk industrial portfolio and a 9.4-acre tract of land from Savannah, Ga. developer Wrenn Blalock and his partners for $194.6 million. Sixteen of the buildings are near the Port of Savannah, the fastest growing port in the U.S. for the past 12 years. The two buildings outside the port area include a 746,000-square-foot distribution center in Rincon, Ga. and an 80,000-square foot building in Charleston, S.C., near the Port of Charleston. The 5.1-million-square-foot portfolio is 100 percent leased, and the average building size is 285,000 square feet. The average age of the buildings is 3.5 years. Most of the leases are long-term leases. Savannah-based American Port Services, a wholly owned subsidiary...
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