Duke Realty Purchases Greenfield North Business Park Portfolio
- Oct 12, 2011
Duke Realty recently completed its third acquisition in the Triangle area with its purchase of Greenfield North Business Park.
The Greenfield North portfolio includes five buildings that encompass 397,332 square feet, with an additional 75.25 acres in the Garner’s Greenfield Parkway area. According to CityBizList, the company purchased a 230,580-square foot building located at 1757 TW Alexander Drive for $12.9 million and CenterPoint I for $17.5 million, which lists 325,000 square feet.
With the addition of these properties, the company has managed to increase its industrial portfolio to about 3 million in the Triangle area and more than 103 million square feet at the national level. The sellers of the Greenfield North Business Park, GE Asset Management and Craig Davis Properties, were represented by Chris Norvell and Rob Cochran with Cassidy Turley.
“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 warehousing space continues to be strong,” said Jeff Sheehan, senior vice president at Duke Realty.
The feasibility of the recent acquisitions is motivated by the cost efficiency of the properties compared with the costs of developing new properties, said Sheehan. He also commented on the quality of the Greenfield North portfolio, describing it as an excellent asset with an attractive development platform and infrastructure.
Currently, the Greenfield North buildings are 82 percent occupied by tenants such as the North Carolina Department of Transportation, Pergo, J.B. Hunt Transport and the corporate headquarters of Butterball.
Duke Realty remains to date as one of the largest commercial real estate companies in the U.S., with a 141 million square feet portfolio of industrial, office and medical office properties. The company specializes in leasing, property management, site selection, development, financing and construction services.