Duke Realty Corporation (NYSE: DRE), one of the largest commercial real estate companies in the United States has closed on 43 of the 56 properties it acquired from Premier Commercial Realty. The portfolio consists of 4.9 million square feet of 51 bulk warehouse/distribution buildings and five office buildings. Duke secured the acquisition for $450 million.
The properties are located in South Florida and have given the area a big boost in commercial realty, which is part of Duke Realty’s plan to increase investment in industrial assets in higher-growth markets. 13 assets remain, and the Indianapolis-based firm expects to close them by the end of the first quarter 2011.
“These closings signal Duke Realty’s long-term commitment to South Florida and our dominant industrial market position in Broward and Palm Beach counties,” said Ed Mitchell, Senior Vice President – South Florida.
Duke Realty now holds 7 million square feet in total property in South Florida in Broward County and Palm Beach County, making it the largest commercial/industrial space owner in those areas.
Duke Realty’s headquarters are in Indianapolis, IN, and it has offices in over 20 cities in the U.S. The company has developed industrial/medical office properties for close to 40 years. At the end of 2010, its total national asset composition was 49 percent office, 42 percent industrial, and 9 percent medical office and other.
Duke Realty owns and operates rentable industrial and office space totaling 139 million square feet in 18 major U.S. cities.