Duke Realty Corp. (DRE), a real estate investment trust (REIT) engaged in owning, managing and developing industrial, health care and office properties across the U.S., recently sold three office buildings in Perimeter Park in Morrisville, North Carolina. The assets were sold to a joint venture formed between Duke Realty and CB Richard Ellis Realty Trust for an undisclosed amount.
CB Richard Ellis Realty Trust is a REIT that primarily invests in office, retail, industrial and multi-family residential properties across the U.S. It is sponsored by CB Richard Ellis Investors LLC, an indirect wholly-owned subsidiary of CB Richard Ellis Group Inc. (CBG).
The properties spanning 265,073 square feet of space were presently fully leased. The joint venture further intends to acquire newly developed built-to-suit projects worth $800 million over a period of three years.
Duke Realty is one of the largest commercial real estate companies in the U.S. For over 35 years, the company has leveraged its local presence and its integrated platform to drive returns, establishing itself as a premier publicly traded real estate developer in the country.
Duke Realty is currently repositioning its portfolio and has exited certain markets in an attempt to concentrate in areas where it already has a strong presence. The company has temporarily closed its operations in some of its newest markets including Austin, San Antonio, Seattle and Newport Beach. The portfolio repositioning is likely to improve the internal growth metrics, enabling Duke Realty to emerge stronger once the real estate markets fully recover.
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