IBJNews

Duke Realty planning $967M in property deals

Back to TopCommentsE-mailPrintBookmark and Share

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.”

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. This is still my favorite Mexican restaurant in town. What I do love about the new version is it is much quieter than the most recent version. TV's were off, the music wasn't too loud, and the wait staff were not hyperactive like they had been the past few times I had been there. I just wish they would bring back the MOLE for the enchiladas!

  2. Not a bad paper. There is a need for local community news and city government issues. Don't really need the owner's constant national political rants. We all know where they stand by now.

  3. What nice people. Menard should've known better than to team up with the guy who robbed and drove Conseco to ashes. I'm surprised Timothy Durham isn't involved in this.

  4. Hello, I am Maris Peters, currently living in Texas city, USA. I am a widow at the moment with three kids and i was stuck in a financial situation in August 2014 and i needed to refinance and pay my bills. I tried seeking loans from various loan Companies both private and corporate but never with success, and most banks declined my credit. But as God would have it, I was introduced to a Man of God a private loan lender who gave me a loan of $65,000USD and today am a business owner and my kids are doing well at the moment, if you must contact any firm or company with reference to securing a loan without collateral , no credit check, no co signer with just 2% interest rate and better repayment plans and schedule, please contact Mr William David. He doesn’t know that am doing this but am so happy now and i decided to let people know more about him and also i want God to bless him more.You can contact him through his email: Davidloanfirm@yahoo.com

  5. It is beyond me how anyone can think this was a "bad deal" for the state! If they could take the money back then, yes, but they can't! Protections were built in the agreement. Now, if they roll the roads up and take them away, I will agree that it was a bad deal. Otherwise, the only way to have paid for the infrastructure that was badly needed was for the state to issue bonds....that is a four letter synonym for debt folks!!

ADVERTISEMENT