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.