CBRE Realty Trust and Duke Realty Team Up to Buy Three Commercial Properties

Commercial News » Commercial Real Estate Edition | By Michael Gerrity | May 20, 2009 5:00 PM ET

(News Source: CB Richard Ellis)

(PRINCETON, NJ) -- CB Richard Ellis Realty Trust and Duke Realty Corporation (NYSE: DRE) (Duke) have completed the acquisition of three additional fully leased properties, all with long-term leases, under the joint venture agreement announced between the two companies in 2008.

The total cost of the recently constructed 326,886 sf portfolio, which was wholly owned by Duke prior to the acquisition by the JV, is $41,050,000 million.

All three properties are state-of-the-art, Class A single-tenant, build-to-suit buildings, including two office buildings and one warehouse facility as follows:

  • Houston: 22535 Colonial Parkway is located near the intersection of I-10 West and the Grand Parkway in Katy, Texas, on the western edge of the Energy Corridor. The two-story 89,750 sf office building, which is registered with the U.S. Green Building Council with a LEED certification goal of Gold, has large open floor plates and features a jogging trail on site. The building is 100 percent leased to Det Norske Veritas, which is headquartered in Norway and has approximately 300 offices in 100 countries with 8,400 employees providing risk management services for companies in the maritime and hydrocarbon industries.

  • Orlando: Celebration Office Center III is a three-story office building located at 1390 Celebration Blvd. adjacent to the Walt Disney World campus in Celebration -- the award-winning 4,900-acre community designed by Disney -- with convenient access to I-4 in the tourist corridor of Kissimmee, Fla. The 100,924 sf building has large and efficient floor plates and is registered with the LEED certification goal of Silver. The building is 100 percent leased to Disney Vacation Development, a fully owned subsidiary of the Walt Disney Company, which owns and manages Disney's vacation timeshare operations.

  • Tampa: Fairfield Distribution Center IX is a 136,212 sf, high cube, warehouse facility located at 4543-4561 Oak Fair Blvd. in an infill industrial park in Tampa, Fla., providing excellent access to the I-75 and I-4 transportation corridors. The building, which is 100 percent leased to Iron Mountain as its second facility in the same industrial park, offers a 40-foot clear height, cross-dock, ESFR sprinklers and is easily sub-dividable. Iron Mountain is the largest information protection services organization in the United States serving over 90 percent of the Fortune 1000.

"We are pleased to expand our joint venture portfolio with Duke Realty Corporation," said Gary Jaye, senior acquisitions director for CBRE Investors. "With this acquisition, we seek to continue our disciplined focus on well-located, high-quality properties with strong tenancies."

This joint venture between CB Richard Ellis Realty Trust and Duke Realty Corporation plans to acquire up to $800 million of newly developed build-to-suit projects over a three-year period. 

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