ALPHARETTA, GA -Indianapolis-based Duke Realty Corp. has strengthened its suburban Atlanta office portfolio with the purchase of Preston Ridge IV, a six-story, 150,000-sf building at 3340 Preston Ridge Road in the Preston Ridge office park 30 miles north of Downtown Atlanta.

Kerry Armstrong, senior vice president in Duke’s Atlanta office, tells he can’t disclose the purchase price, seller’s name or average asking rents because of a confidentiality clause in the sales contract. However, area brokers familiar with the Alpharetta office submarket, tell the property probably was sold in the $18-million range, based on a replacement cost of about $125 per sf.

Armstrong says the transaction “further enhances our growing position in the GA 400 corridor, one of the best suburban office markets in Atlanta.” Duke has about one million sf of class A office product in north Fulton County.

Armstrong notes Preston Ridge IV’s occupancy of 90.3% at closing compares with a 76% average occupancy “at most office buildings” in north Fulton County. The tenant roll at Preston Ridge IV includes Publix Direct, Silicon Graphics, US Healthworks, Arthur J. Gallagher & Co., Evercare Products Corp and General Mills Sales. Armstrong says an institutional investor previously owned the property.

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?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.