Germany's Allianz Pays $20M for Distribution Center

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.