Indianapolis-based Duke-Weeks Realty Corp. has partnered with affiliates of New York-based J.P. Morgan Investment Management Inc. and Horsham, Pa.-based General Motors Asset Management to complete a $789 million joint venture encompassing 129 industrial properties totaling 21.8 million sq. ft. in seven markets.
The venture also includes more than 300 acres of undeveloped land with an estimated development potential of more than 5 million sq. ft. The partnership also expands an existing $248 million partnership between Duke-Weeks and J.P. Morgan that was formed in 1995.
With the transaction, Duke-Weeks contributed $469 million of industrial properties and $30 million of undeveloped land, and J.P. Morgan Investment contributed $43 million of industrial properties.
The venture is approximately 50% leveraged, and Duke-Weeks net proceeds total $370 million.
Duke-Weeks is managing member of the venture and owns a 50% interest, with the other two partners each owning 25%.
The venture's holdings include: 69 buildings in Indianapolis totaling 9.2 million sq. ft.; 29 buildings totaling 6.1 million sq. ft. in Cincinnati; 17 buildings in Atlanta totaling 2.6 million sq. ft.; six buildings in St. Louis totaling 1.4 million sq. ft.; four buildings in Chicago totaling 1.1 million sq. ft.; three buildings in Columbus, Ohio, totaling 923,000 sq. ft.; and a 458,000 sq. ft. building in Cleveland.
