Duke Realty Expands Atlanta Industrial Portfolio with Hartman Business Center Purchase
- Sep 07, 2012
Duke Realty Corp. recently added a 569,674-square-foot warehouse-distribution building in Hartman Business Center to its portfolio, as part of its recent focus on increasing investments in quality industrial assets.
The property, located approximately six miles outside of I-285, marks Duke Realty’s first acquisition in Atlanta’s suburban I-20 West corridor. The warehouse distribution center—Hartman Business Center V—is part of the Hartman Business Center, a 150-acre, master-planned development located just south of I-20 at Riverside Parkway in Austell.
Completed in 2008, the facility is 100 percent occupied under a long-term lease with Czarnowski, a Chicago-based exhibit and event firm with more than 38 locations across North America. Hartman Business Center V is located approximately 14 miles northwest of Camp Creek Business Center, Duke Realty’s 400-acre, mixed-use business park at I-285 and Camp Creek Parkway, approximately three miles from Hartsfield-Jackson International Airport.
“The acquisition of this top-quality building is consistent with Duke Realty’s increased focus on industrial assets in Atlanta and the other markets we serve,” said Chris Brown, senior vice president of Duke Realty’s Georgia operations. “It also reflects our preference for top-quality properties located in strong industrial submarkets, such as Atlanta’s suburban I-20 West corridor.”
The seller, Hartman Business Center developer Opus Group, was represented by Chris Riley, Frank Fallon and Brian Budnick of CBRE. The purchase price was undisclosed.
Duke Realty owns and operates approximately 138.9 million rentable square feet of industrial and office assets, including medical offices, in 18 major U.S. cities. This latest purchase brings Duke Realty’s Atlanta-area holdings to 10.6 million square feet. The company will also be developing a new 211,000-square-foot, built-to-suit office and logistics facility in Camp Creek for Kuehne + Nagel.
Duke Realty’s move is consistent with the local industrial market’s steady recovery pace; according to a recent Marcus & Millichap report, investors continue to step up the pace of dealmaking, as multi-tenant warehouse and distribution properties measuring up to 200,000 square feet posted more than 2.9 million square feet of net absorption last year and will maintain momentum in 2012.
Image courtesy of The Opus Group official website
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