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Duke Realty puts 17 Midwest office buildings on block

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Duke Realty Corp. is putting 17 office buildings in Cincinnati, Cleveland and St. Louis on the market as the commercial-property owner shifts its focus to industrial real estate.

The buildings have a total of 2.34 million square feet and projected 2014 net operating income of $28.2 million, according to James O’Connell, executive managing director at Cassidy Turley Capital Markets, which is marketing the properties for Indianapolis-based Duke.

The properties are valued at about $149 a square foot, according to research firm Real Capital Analytics Inc. That would give the portfolio a total value of about $350 million.

O’Connell declined to comment on a listing price or estimated value of the properties.He said Duke’s Midwest office portfolio had a 91.8 percent occupancy rate as of April 1.

The company has been unloading office and retail properties as part of its strategy to shift its property mix to 60 percent industrial, 25 percent suburban office and 15 percent medical office by the end of 2013. Earlier this week, Duke announced it was selling a shopping center in Pembroke, Pines, Fla., to to institutional joint venture for $188 million.

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  1. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

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  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

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