BRASELTON, GA-Duke Realty Corp. has long-range plans to develop four million sf of industrial product at its newly acquired 318-acre Georgia Distribution Center at Highway 53 and the Interstate 85 interchange here. Duke has renamed the master-planned site Park 85 at Braselton.
A Duke representative declined to disclose the price. However, area brokers familiar with the northeast Atlanta submarket tell GlobeSt.com the 318 acres probably went for about $50,000 per acre ($1.15 per sf) for an estimated total of $16 million.
The seller was Atlanta land speculator Wayne Mason. The property was never on the market. "We approached Mason about the property," a Duke representative tells GlobeSt.com. The deal took 45 days to complete, from contract signing to closing. Steve Wright of the Sephen W. Wright Co. negotiated for Mason. Duke leasing representatives Brian Sutton and Akvia Freeman represented their company.
Duke's 400-acre Camp Creek Business Center at Camp Creek Parkway and Interstate 285 in Fulton County is also poised for growth, company officials say in a statement. "We expect to develop more than five million sf at these two parks in the next few years," says Sam O'Briant, senior vice president, Duke's Atlanta Industrial Group.
O'Briant says Duke is also negotiating to buy the one-year-old 505,163-sf Georgia Distribution Center Building 100, the only structure within Park 85. Duke's existing park in Jackson County, the 521,000-sf Braselton II Business Park, about 45 miles northeast of Downtown Atlanta, is 100% leased. Duke has developed and leased one million sf at the park in the past three years. The company has 25 adjoining acres available for future development.
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