updated: 10/6/2008 11:18:44 AM
Indianapolis-based Duke Realty Corp. (NYSE: DRE) and CB Richard Ellis Realty Trust of New Jersey have jointly acquired four fully leased properties totaling $139.1 million. The facilities include a 630,500 square-foot building leased to Amazon.com at Anson in Boone County. CB Richard Ellis Realty Trust and Duke plan to purchase up to $800 million of newly developed build-to-suit projects over a three-year period.
Source: Inside INdiana Business
(Indianapolis, Ind. & Princeton, N.J. – Oct. 6, 2008) CB Richard Ellis Realty Trust and Duke Realty Corporation (NYSE: DRE) (Duke) have completed the acquisition of four additional fully leased properties, all with long-term leases, under the joint venture agreement announced between the two companies in May. The total cost of this portfolio is $139.1 million.
Three of the properties in the portfolio are state-of-the-art, class “A” single-tenant, build-to-suit bulk warehouse/distribution facilities totaling almost 2.23 million square feet, as follows:
· Dallas: an 822,550 square foot facility leased to Unilever at East Pleasant Road Run in Hutchins, Texas, 13 miles southwest of downtown Dallas.
· Jacksonville, Fla.: a 772,210 square foot facility leased to Unilever in the Westlake Industrial Park at Hannah Road and Old Plank Road, one mile east of I-295.
· Indianapolis, Ind.: a 630,573 square foot facility leased to Amazon.com at AllPoints at Anson in the Anson master-planned development 22 miles northwest of downtown Indianapolis.
The fourth property is a newly constructed two-story 180,147 square foot office building leased to Verizon Wireless and located in the Aspen Corporate Center near Cool Springs in the southern submarket of Nashville, Tenn.
“Our joint venture with Duke has allowed us to acquire an attractive portfolio of newly developed, stabilized single-tenant properties with strong tenant credits,” said Chuck Hessel, director of Investments for CB Richard Ellis Realty Trust. “In addition, a focus on high-quality properties with strong tenancies allowed us to obtain long-term attractive mortgage financing on the portfolio, even in this difficult credit environment.”
This joint venture between CB Richard Ellis Realty Trust and Duke Realty Corporation is planning to acquire up to $800 million of newly developed build-to-suit projects over a three-year period.
About CB Richard Ellis Realty Trust
CB Richard Ellis Realty Trust invests primarily in office, retail, industrial, and multifamily residential properties located in major metropolitan areas in the United States, and may invest up to 30 percent of its assets outside of the United States. CB Richard Ellis Realty Trust is sponsored by Los Angeles-based CB Richard Ellis Investors, LLC, a wholly-owned subsidiary of CB Richard Ellis Group, Inc., and advised by CBRE Advisors LLC, an affiliate of CB Richard Ellis Investors, LLC. For more information about CB Richard Ellis Realty Trust, please visit www.cbrerealtytrust.com.
About CB Richard Ellis Investors
CB Richard Ellis Investors is a global real estate investment management firm with approximately $43.7 billion in assets under management* as of June 30, 2008. The firm sponsors investment programs across the risk/return spectrum for investors worldwide, and during 2007 made $11.7 billion of acquisitions in North America, Europe and Asia and completed $4.8 billion in dispositions.
CB Richard Ellis Investors is an independently operated affiliate of CB Richard Ellis Group, Inc. (NYSE:CBG), and harnesses the research, investment sourcing and other resources of the world’s premier, full-service real estate services company for the benefit of its investors. CB Richard Ellis has over 29,000 employees in more than 300 offices worldwide.
For more information about CB Richard Ellis Investors, please visit www.cbreinvestors.com.
*Assets under management (AUM) generally refers to the properties and other assets with respect to which we and our global affiliates provide (or participate in) oversight, investment management services and other advice. Our AUM is intended principally to reflect the extent of our presence in the global real estate market, and our calculation of AUM may differ from the calculation of other asset managers.
About Duke Realty Corporation
Duke Realty Corporation specializes in the ownership, construction, development, leasing and management of office, industrial, and medical office real estate. It is the largest publicly traded, vertically integrated office/industrial real estate company in the United States. The Company owns, manages and has under development more than 143 million rentable square feet in 24 major U.S. cities. Duke also controls approximately 7,400 acres of land potentially representing more than 110 million square feet of future development, and provides nationwide real estate solutions through its national development division. Visit Duke Realty Corporation on the web at www.dukerealty.com.
Source: Duke Realty Corp.