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Duke Realty Buys Savannah Parcel

The $194 million deal gives the company a strong position at the fast-growing port.
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Duke Realty

(DRE) - Get Duke Realty Corporation Report

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.

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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.

Duke named Kevin Rogus regional executive vice president, Phoenix region. Rogus, who was senior vice president of Duke's Cincinnati operations, will open Duke's new regional office in Phoenix. Duke also said David Hudson is joining as vice president, development/leasing to lead Duke's new efforts in Houston. He joins Duke from Trammell Crow Co.

On Thursday, Duke shares rose 6 cents to $35.88.