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Duke Realty Sells Stake in 3.3 Million-SF Portfolio

Chambers Street Takes Full Ownership of 17 Bldgs. in 6 States
March 18, 2013
Indianapolis-based Duke Realty Corp. sold its 20 percent stake in 17 commercial buildings it jointly owned with majority stakeholder Chambers Street Properties. The Maryland-based REIT now owns 100 percent of the more than 3.3 million-square-foot portfolio. The deal was valued at $98.14 million or $30 per square foot.

The assets include 16 office properties and one warehouse/industrial building. They are:
Office Space
  • The Landings I and II and McAuley Place: three structures totaling 542,000 square feet in Cincinnati, OH;

  • Atrium I and Easton III: two buildings totaling 451,000 square feet in Columbus, OH;

  • Point West I: a 183,000-square-foot property in Dallas, TX;

  • Miramar I and II: two structures totaling 223,000 square feet in Fort Lauderdale, FL;

  • 22535 Colonial Parkway: a 90,000-square-foot office building in Houston, TX;

  • Norman Pointe I and II: two properties totaling 537,000 square feet in Minneapolis, MN;

  • Celebration Office Center and Northpoint III: two structures totaling 209,000 square feet in Orlando, FL;

  • 1400 Perimeter Park Drive, 3900 N. Paramount Parkway and 3900 S. Paramount Parkway: three buildings totaling 265,000 square feet in Raleigh, NC.
Industrial Space
  • Goodyear Crossing Industrial Park II: an 820,000-square-foot warehouse/distribution facility in Phoenix, AZ.

Cassidy Turley was selected to manage nearly 1 million square feet of office property in Dallas, Houston, Columbus and Raleigh.

Chambers Street and Duke Realty purchased the portfolio in 2008. The remaining interest held by the joint venture now consists of 20 properties in the United States. Duke Realty continues to own 20 percent and Chambers Street 80 percent of the remaining venture.

See CoStar COMPS #2694211 for more information.
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