DRE announces new developments, acquisitions and third party construction contracts.INDIANAPOLIS--(BUSINESS WIRE)--Oct. 26, 1995--Duke Realty Investments, Inc. (DRE/NYSE) reported today that it has commenced six new developments and made two new acquisitions totaling more than 1,550,000 square feet. Together with Duke's recently announced purchase of 18 buildings in Park Fletcher Business Center in Indianapolis, Indiana “Indianapolis” redirects here. For other uses, see Indianapolis (disambiguation). Indianapolis (IPA: [ˌɪndiəˈnæpəlɪs]) is the capital city of the U.S. , these properties are expected to produce a stabilized annual return of 11.3 percent on the Company's aggregate investment of $81.4 million. Two of the development projects are located at the Company's new 750 acre Lebanon Business Park just north of Indianapolis. One of these new development projects is a 153,600 square foot distribution facility pre-leased to AAF AAF abbr. Army Air Forces International for 15 years. The second new development located at Lebanon Business Park is a 500,000 square foot distribution facility designed with an additional 192,000 square feet of expansion capability. Little, Brown & Company, a subsidiary of Time Warner Time Warner Inc. (NYSE: TWX), formerly known as AOL Time Warner, is the world's largest media and entertainment conglomerate headquartered in New York City, with major operations in film, television, publishing, Internet service and telecommunications. Inc., has signed a ten year lease for this building. Duke's third new development announced today is Fountain Place Fountain Place, located at 1445 Ross Avenue in the Arts District of downtown Dallas, Texas is a 62-story modern-styled skyscraper. Standing at a structural height of 720 feet (219 m) , a mixed use project located in downtown Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. , in which the Company owns a 25 percent interest. The project includes a 165 car parking garage, a 170,000 square foot Lazarus Department Store, and 45,000 square feet of specialty retail shops. In addition to its ownership interest, Duke will be the construction manager of the project. The project also provides for the future construction of a 250,000 to 400,000 square foot office tower above the retail center for Fifth Third Bank. If constructed, Duke will be the construction manager. The fourth development announced today is a 307,200 square foot distribution facility located at the Company's SouthPointe Business Park in Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. . Construction of the project is beginning without any pre-leasing; however, the Company is currently negotiating with several potential tenants to lease a significant portion of the building. Duke's fifth development announced today is also in Columbus and is located at The Corporate Park at Tuttle Crossing where the Company owns more than 1,000,000 square feet of suburban office properties. Sterling Software, the sole tenant in two existing buildings at Tuttle Crossing, has signed a 15 year lease for a new 64,500 square foot office building adjacent to Sterling's existing facilities. The final development announced today is a 160,000 square foot retail project located at the Company's Governor's Pointe pointe n. In ballet, dancing that is performed on the tips of the toes. [From French pointe (des pieds), point (of the feet), tiptoe; see point.] development in suburban Cincinnati, Ohio. Biggs Hyper A Greek work meaning "above" or "more than." It is used as a prefix to technical concepts and products to convey a more advanced or more automatic capability. Shoppes, a subsidiary of SuperValu, Inc., has leased 100 percent of this new facility for 20 years. The Company also announced today two office building acquisitions. The first acquisition is the Westmark Building located in suburban St. Louis, Missouri. The 124,000 square foot office property is 100 percent leased to Southwestern Bell
Southwestern Bell Telephone, L.P. . The Company's second acquisition is a 28,300 square foot office building which is 88 percent leased and is located at Keystone at the Crossing Keystone at the Crossing is a business and shopping district located in northern Indianapolis at the intersection of East 86th Street and North Keystone Avenue, which is also known as State Road 431 south of I-465. The Fashion Mall is considered the heart of the district. in Indianapolis. This building is being acquired under an acquisition option that was granted on excluded properties as part of the Company's 1993 reorganization. The original option price was set at approximately $1.6 million; however, the building is being acquired for $1.3 million. This acquisition was unanimously approved by the Company's unaffiliated directors. In addition to its acquisitions and developments, Duke also announced today five third-party construction projects totaling 395,000 square feet. The projects include (i) a 148,000 square foot medical facility for Jewish Hospital Jewish Hospital can refer to:
in full Bayerische Motoren Werke AG German automaker. Founded as an aircraft engine manufacturer in 1916, the company assumed the name Bayerische Motoren Werke and became known for its high-speed motorcycles in the 1920s. Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. NA at Tuttle Crossing in Columbus, and (iii) a 114,000 square foot expansion of an industrial building for the Hennegan Company in northern Kentucky. Duke Realty Investments is a fully integrated real estate company which owns interests in a diversified portfolio of 190 industrial, office and retail properties encompassing approximately 21.3 million square feet including today's announcements. These properties are primarily located in eight midwestern states with 169 properties located in the metropolitan areas of Indianapolis, Indiana; Columbus, Ohio; Cincinnati, Ohio; and St. Louis Missouri. Duke Realty also owns approximately 1,100 acres of land for future development. The Company is a self-administered real estate investment trust which provides leasing, management, development, construction and other tenant-related services for its own properties and for approximately 12 million square feet of properties owned by third parties. CONTACT: Duke Realty Investments Inc., Indianapolis Investor Inquiries: Thomas K. Peck, 317/574-3512 Media Inquiries: Donna H. Coppinger, 317/574-3518 |
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