| |
May 6, 2008
By: Barbra Murray, Contributing Editor
Duke Realty Corp. and CB Richard Ellis Realty Trust have just
entered into a partnership to which Duke will contribute as much
as $800 million of new industrial projects over a three-year
period.
The first properties the joint venture will acquire--with
purchasing taking place this year--account for an aggregate 5.2
million square feet of new bulk industrial build-to-suit projects
valued at an estimated $250 million. Down the road, the
partnership will also acquire certain industrial properties that
Duke plans to develop upon their completion and the start of
leasing activity. Duke will provide asset management, property
management, construction management and development services for
the joint venture, which expects to hold its assets for a long-term
period.
Duke is an owner, developer, leaser and manger of office,
industrial, retail and medical office properties across the United
States. Known as the largest public vertically integrated office
and industrial real estate firm in the country, the company has a
portfolio of owned, managed and in-progress assets that total over
122 million square feet in 24 leading cities. Duke also controls
7,600 acres of developable land that can accommodate approximately
111 square feet.
|
|
