X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Allianz AG, the global insurance company based in Munich, has bought a newly completed, 601,000-sf distribution center in Gwinnett County from Indianapolis, IN-based Duke Realty Corp. According to published reports, Allianz paid $20 million or about $32.28 per sf for the facility.

This is the largest of $33 million in properties sold by Duke during this year’s third quarter, the company says in a prepared statement. Although Duke says the property is 84% leased, the developer refused to disclose the purchase price.

The anchor tenant is Des Plaines, IL-based United Stationers. The asking rental rate for class-A distribution facilities in this area outside Atlanta is between $5.65 per sf and $5.90 per sf, according to GlobeSt.com research.

United Stationers is a wholesaler of computer equipment and office products. It has 65 distribution centers in 31 states.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.