Kerry Armstrong, senior vice president in Duke's Atlanta office,tells GlobeSt.com he can't disclose the purchase price, seller'sname or average asking rents because of a confidentiality clause inthe sales contract. However, area brokers familiar with theAlpharetta office submarket, tell GlobeSt.com the property probablywas sold in the $18-million range, based on a replacement cost ofabout $125 per sf.

Armstrong says the transaction "further enhances our growingposition in the GA 400 corridor, one of the best suburban officemarkets in Atlanta." Duke has about one million sf of class Aoffice product in north Fulton County.

Armstrong notes Preston Ridge IV's occupancy of 90.3% at closingcompares with a 76% average occupancy "at most office buildings" innorth Fulton County. The tenant roll at Preston Ridge IV includesPublix Direct, Silicon Graphics, US Healthworks, Arthur J.Gallagher & Co., Evercare Products Corp and General MillsSales. Armstrong says an institutional investor previously ownedthe property.