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Duke Realty planning $967M in property deals

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Indianapolis-based Duke Realty Corp. said Monday it has entered into agreements totaling $967 million to sell 20 suburban office buildings, located mostly in the Midwest, and to acquire 51 industrial and five office buildings in south Florida.

Terms of the transactions call for Duke Realty to sell nearly 3.1 million square feet of suburban office space for $516.7 million to an existing joint venture with CB Richard Ellis Realty Trust, and to acquire Premier Commercial Realty’s entire south Florida property portfolio for $450 million.

Duke Realty has a 20-percent ownership stake in the joint venture with CB Richard Ellis. That deal is expected to close by Dec. 31.   

About $414 million in cash proceeds from that transaction will be used to fund property acquisitions and for general corporate purposes, including the repayment of debt.

The properties it plans to purchase from Premier consist of 56 buildings—mostly industrial—totaling more than 4.9 million square feet.

The properties, in Broward and Palm Beach counties, are 85.7-percent leased. The purchase price includes the assumption of $292 million of debt.

The acquisition deal is expected to close by early next year.

Both deals advance Duke Realty’s strategy to reposition its portfolio from primarily suburban to industrial properties, company CEO Dennis D. Oklak said in a prepared statement.

Upon closing, Duke’s asset base will be 42 percent industrial, 49 percent office, and 9 percent medical office and “other.”

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  1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

  2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

  3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

  4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

  5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

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