(Savannah, GA – May 13, 2011) Duke Realty Corporation (Duke Realty) has finalized an 800,000-square foot lease renewal with Wal-Mart Stores at Crossroads Business Center in Savannah. Bentonville, Ark.-based Wal-Mart has occupied the entire 150 Portside Court building at Crossroads since 2001.
“This renewal, which represents 6.2 percent of the North Savannah/Garden City distribution market, is a significant transaction for Duke Realty and helps us maintain our position as Savannah’s largest industrial property owner,” said Chris Brown, Senior Vice President in Duke Realty’s Atlanta office. “Savannah is a key Eastern United States port market and is becoming an increasingly important distribution hub.”
Container volumes at the Port of Savannah’s Garden City Terminal rose by 19.9 percent in 2010 from the previous year to a total of 2.8 million TEUs (Twenty-foot-Equivalent-Unit – two TEUs equal one standard shipping container). Duke Realty’s Crossroads Business Center is only five miles from the Port of Savannah.
Brian Sutton, vice president of Duke Realty, and Jeff Jepson, president of North Point Industrial Realty, represented Duke Realty in the transaction.
About Duke Realty
Duke Realty owns and operates approximately 139 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.