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 of Schneider National, is the portfolio’s largest tenant, occupying a total of 1.7 million square feet. Schneider National is America’s largest truckload transportation carrier, and much of its business is tied to U.S. port cities.
This transaction makes Duke the largest industrial property owner in the Savannah area and complements the firm’s industrial holdings across the Southeast, offering customers logistics solutions from the port of entry to regional and national distribution centers.
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