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Duke Realty (DRE Quote) set plans to buy 5.1 million square feet of bulk industrial properties at the Port of Savannah, Ga., for $194.5 million.
The Indianapolis-based company said the portfolio consists of 18 buildings. Duke has the option to acquire future completed development projects on 400 acres of land in the same market or any remaining undeveloped land through 2012.
The average building is 285,000 square feet and 3.5 years old. The properties are currently 100% leased, with a weighted average lease term of 7.5 years. The transaction makes Duke the largest industrial property owner in the Savannah area, the company said. ...
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