(Raleigh, N.C. – October 7, 2011) Duke Realty has completed the purchase of three large industrial properties in the Triangle, adding 952,448 square feet to its industrial asset portfolio and bringing its industrial square footage to nearly 3 million in the region.
The recent purchases included Greenfield North, a five-building portfolio totaling 397,332 square feet, along with 75.25 acres of land in Garner’s Greenfield Parkway area; Centerpoint II, a 230,580-square-foot building in Durham at 1757 T.W. Alexander Drive and CenterPoint I, a 324,536-square-foot building at 1805 T.W. Alexander Drive in Durham.
Jeff Sheehan, Duke Realty senior vice president, commented, “The expansion of our industrial portfolio in the Triangle is part of Duke Realty’s national strategy of increasing industrial investments in the healthiest distribution markets. With these additions in the Triangle, the company’s national warehouse portfolio has grown to more than 103 million square feet.”
Sheehan continued, “This strategy is an especially good fit in the Triangle because demand for warehousing space continues to be strong.”
Of the new acquisitions, Sheehan said, “These acquisitions were cost-efficient ways of expanding our industrial holdings as compared to new development.”
Cassidy Turley, one of the nation’s leading commercial real estate service providers, served the sellers in all three transactions. Chris Norvell and Rob Cochran represented GE Asset Management and Craig Davis Properties in the Greenfield North transaction, the Keith Corporation in the sale of Centerpoint II and Petrus Partners/Crown West Realty in the Centerpoint I sale.
The Greenfield North properties are now 82 percent occupied by tenants that include the North Carolina Department of Transportation, Pergo, J.B. Hunt Transport and the corporate headquarters of Butterball, the largest turkey producer in the United States. Greenfield North is located at the intersection of Interstate 40 and US Highway 70.
Greenfield North is the only rail-served industrial park in the region and serves as an industrial gateway to Raleigh. Just 20 miles from Interstate 95, Greenfield has direct access to the longest east-west and north-south interstates in the United States.
Sheehan commented, “Greenfield North is an excellent asset, the development platform is ready to go and the infrastructure is in place.”
The Centerpoint II building is 100 percent leased and occupied by a single tenant, Empire Distributors of North Carolina, Inc. CenterPoint I is also 100 percent leased; the building is shared by Teleflex, Inc. and Medline Industries, Inc.
About Duke Realty
Duke Realty entered the Triangle market in 1999 and has developed many noteworthy properties including Perimeter Park and CAPTRUST Tower. Today, Duke Realty owns and manages more than 5.46 million square feet of industrial, office and medical office properties in the Triangle. On a nationwide basis, Duke Realty owns and operates approximately 141 million rentable square feet of industrial and office assets, including medical office, in 18 major U.S. cities. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty is available at www.dukerealty.com.