REBusinessOnline

Duke Realty Buys 3.5 MSF Industrial Portfolio for $515M

Bridge Development Partners owns the 306,466-square-foot Bridge Point I-95 in Fort Lauderdale, Fla.; the 1.3 million-square-foot Bridgeport Logistics Center in Perth Amboy, N.J.; and the 429,840-square-foot Bridgepoint Industry in City of Industry, Calif. (pictured above).

CHICAGO — Duke Realty Corp. (NYSE: DRE) has purchased a 10-building industrial portfolio totaling nearly 3.5 million square feet, plus two additional land parcels, for $515 million. The assets are situated in Southern California, Northern New Jersey and South Florida.

The two parcels will eventually contain two buildings totaling 852,745 square feet. Construction on these projects will commence later this year. The total value of the portfolio will be approximately $700 million once construction is completed.

The seller, Bridge Development Partners, has completed more than $2 billion in developments and acquisitions since its joint venture with Dallas-based Banner Oak Capital Partners in 2013. Bridge’s current pipeline contains more than 10.3 million square feet valued at $1.3 billion in the most supply constrained U.S. core industrial markets, including Chicago, Miami, New Jersey, Los Angeles, San Francisco and Seattle.

“This portfolio sale is part of the $1.1 billion of new state-of-the-art industrial assets Bridge will sell in 2017,” says Steve Poulos, the company’s founder and CEO. “The portfolio includes a mix of fully stabilized, partially stabilized and completely vacant assets.”

Though the exact properties included in this transaction were not disclosed, some of Bridge’s assets include the 306,466-square-foot Bridge Point I-95 in Fort Lauderdale, Fla.; the 1.3 million-square-foot Bridgeport Logistics Center in Perth Amboy, N.J.; and the 429,840-square-foot Bridgepoint Industry in City of Industry, Calif.

Bridge Development is a privately owned firm focused on investment-grade buildings and business parks, as well as acquiring existing Class A and B properties that provide opportunities to add value.

Indianapolis-based Duke Realty is an industrial REIT that targets assets with up to 1.2 million square feet in key distribution locations. Duke’s stock price closed at $29.10 per share on Wednesday, Oct. 4, 2017, up from $25.68 per share one year ago.

— Nellie Day

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