Business Specialties Investments
Duke, CBRE Realty Form $800M JV
May 6, 2008
By: Barbra Murray, Contributing Editor

Duke Realty Corp. and CB Richard Ellis Realty Trust have just entered into a partnership to which Duke will contribute as much as $800 million of new industrial projects over a three-year period.

The first properties the joint venture will acquire--with purchasing taking place this year--account for an aggregate 5.2 million square feet of new bulk industrial build-to-suit projects valued at an estimated $250 million. Down the road, the partnership will also acquire certain industrial properties that Duke plans to develop upon their completion and the start of leasing activity. Duke will provide asset management, property management, construction management and development services for the joint venture, which expects to hold its assets for a long-term period.

Duke is an owner, developer, leaser and manger of office, industrial, retail and medical office properties across the United States. Known as the largest public vertically integrated office and industrial real estate firm in the country, the company has a portfolio of owned, managed and in-progress assets that total over 122 million square feet in 24 leading cities. Duke also controls 7,600 acres of developable land that can accommodate approximately 111 square feet.

 
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Spear Street Takes Austin Office Portfolio
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San Francisco-based Spear Street Capital has acquired an office property portfolio consisting of Riata Corporate Park and Riata Crossing in Austin. The complex includes 13 buildings totaling about 1.1 million square feet in the northwest submarket of that city, not far from the JJ Pickle Research Campus of the University of Texas at Austin, a center for electronic, aerospace, mechanical, petroleum and environmental-health engineering research.
U.S. Hotel Deals Down 81 Percent Mid-2008: JLL Report
Aug. 20, 2008
The volume of U.S. hotel transactions for the first six months of 2008 plunged 81 percent from the year-ago period, to $6 billion, according to a Jones Lang LaSalle Hotels. The firm based the conclusion on its proprietary database, which tracks transactions $10 million deals and above. In the first quarter 2008 transaction volume was relatively stronger at $3.4 billion.
 

 

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