ATLANTA, Ga. -- Duke Realty Corporation announced the sale of its majority interest in the Gwinnett Park business complex along I-85 in Gwinnett County. General Investment and Development Companies was the purchaser. Trammel Crow Company represented Duke Realty and procured the purchaser for the sale.
"This sale is part of our previously announced Atlanta market portfolio realignment, and we are very pleased with the closing," said Bob Fessler, executive vice president of Duke Realty Corporation's Atlanta Region. "The sale provides us with additional capital to further strengthen our portfolio in Gwinnett, North Fulton, Camp Creek and additional sub-markets in the Atlanta metro area."
The sale included 19 light distribution and office/flex buildings totaling 1,026,640 S.F. located in a heavily landscaped business park environment. Gwinnett Park, a 230-acre mixed-use development, is one of Gwinnett County's most successful developments. At the time of sale, the buildings were 87% occupied with 58 tenants including companies such as Liberty Mutual Insurance Company, Krispy Kreme, Novoste Corporation, Komatsu Zenoah, TREK, and Best Software. Duke Realty will retain ownership of eight buildings in the park.
Trammell Crow Company's Chris Riley, Frank Fallon and Brad Rodgers represented Duke Realty and secured the purchaser. The purchase price was not disclosed.
"Chris, Frank, Brad and the entire Trammel Crow team did a fantastic job in managing this important transaction for Duke Realty. The sale is part of Duke Realty's ongoing strategy to continually align our portfolio to better meet the needs of our customers and provide the best return for our shareholders," Mr. Fessler said.
In the greater Atlanta area, the Duke Realty portfolio includes approximately 15 million S.F. of office, industrial and retail commercial real estate. The Company controls more than 900 acres of undeveloped land for future development and employs more than 125 real estate professionals in the greater Atlanta market.
Duke Realty Corporation is the largest publicly traded office and industrial real estate company in the United States. The Company is a full-service commercial real estate company that owns, manages or has under development more than 112 million square feet of industrial, office and retail properties in 14 major U.S. cities. Duke Realty, which controls 3,700 acres of undeveloped land that can support approximately 57 million square feet of future development, also provides nationwide real estate solutions through its national development and construction division. For more information, please visit Duke Realty Corporation on the web at >a href=http://www.dukerealty.com target=_blank>www.dukerealty.com.