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ATLANTA-First Industrial Realty Trust of Chicago may have picked up a bargain in its $26.2 million purchase of Oakbrook Technology Campus, a 512,540-sf, 17-year-old, 99%-leased property on Oakbrook Drive near Interstate 85 in Gwinnett County.

The Illinois group paid Principal Capital Real Estate Investors of Des Moines, IA $51.11 per sf for the 11-building asset, considerably under today’s replacement cost of a comparable property, area brokers tells GlobeSt.com.

“If I had to give you a ballpark figure, I would say you couldn’t build the same property today for less than $75 per sf,” an area construction industry estimator tells GlobeSt.com on condition of anonymity.

The 32-tenant park “has always appealed to time-sensitive tenants that require convenient access to I-285,” Trammell Crow Co. broker Chris Riley says in a prepared statement. Brokers Hal Breedlove and Brad Rogers worked with Riley in negotiating for Principal.

The brick-on-block park was developed between 1984 and 1986. Principal Capital Real Estate Investors is ranked by industry peers as the fourth largest institutional real estate asset manager in the country with $20 billion in total managed assets. The firm is an affiliate of Principal Capital Management and a member of the Principal Financial Group.

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