Busy Quarter For Duke Realty
Duke Realty (DRE) posted an active first quarter of buying and selling activity.
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The Indianapolis-based diversified REIT made $1.14 billion on developments and acquisitions during the first quarter, including $57.9 million in dispositions. Duke’s first quarter acquisitions included a 5.1 million sq. ft. industrial portfolio in Savannah, Ga. and a 2.9 million sq. ft. suburban office and light industrial portfolio in the Washington, D.C. metropolitan area. Duke Realty (DRE) expects the two acquisitions to deliver a 6.9% average capitalization rate.
Duke also sold some $57.9 million in assets, many of them located in interior U.S. markets. Among the dispositions, DRE sold a 100% leased, 249,000 sq. ft. industrial building in Atlanta, a pair of 70.2% leased suburban office buildings in Chicago and a vacant 36,000 sq. ft. industrial building located in suburban Nashville. The average stabilized capitalization rate on these dispositions was 8.2%, according to the company.
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