Duke Announces $48 Million of New Developments and Acquisitions.INDIANAPOLIS--(BUSINESS WIRE)--July 16, 1998--Duke Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Investments, Inc. (NYSE NYSE See: New York Stock Exchange :DRE DRE Digital rectal examination. Mentioned in: Rectal Examination ) announced today that it has commenced six new developments and completed one new acquisition totaling nearly 1,300,000 square feet in the aggregate. The Company expects to achieve a stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. return of 11.0 percent on its combined investment of $47.8 million in these new properties. With these new investments, Duke's year-to-date announcements of new developments and acquisitions total $457.1 million with an expected stabilized return of 10.8 percent. The largest of Duke's new developments announced today is a 355,000 square foot bulk warehouse that is under development at Groveport Commerce Center in the southeast submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. of 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. . This project is 32 percent pre-leased. Groveport Commerce Center is the Company's newest and largest industrial park in Columbus and encompasses 290 acres that can support more than 4,000,000 square feet of industrial development. Duke also announced today that it has started three new industrial developments in St. Louis. These include a 96,000 square foot bulk warehouse and a 320,000 square foot bulk warehouse at the Company's Earth City business park. Also included is a 91,000 square foot building at Duke's Westport Center park. With strong demand continuing and the Company's 1.9 million square foot St. Louis industrial portfolio approximately 96 percent leased, these new projects have commenced with leases outstanding for approximately 50,000 square feet of space. The Company's two remaining developments announced today include a 106,000 square foot industrial facility located at Duke's Park 82 business park in the Strongsville submarket of Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. . The other remaining development is a 36,000 square foot retail project that is 100 percent pre-leased to Cost Plus Inc and Golf Galaxy. It is located at the Company's Corporate Park at Tuttle Crossing in Columbus, Ohio. Duke's new acquisition announced today includes five industrial buildings in Broadway Business Center and two industrial properties at Chanhassen Lakes business park in Minneapolis, Minnesota “Minneapolis” redirects here. For other uses, see Minneapolis (disambiguation). Minneapolis (pronounced IPA: /ˌmɪniˈæpəlɪs/) is the largest city in the U.S. . These buildings total 285,000 square feet and are 96 percent leased in the aggregate. With this acquisition and including the Company's previously announced acquisition of the Minneapolis portfolio of MEPC MEPC Marine Environment Protection Committee MEPC Middle East Policy Council MEPC Malawi Export Promotion Council MEPC Military Entrance Processing Command MEPC Medical Examination Publishing Company MEPC Most Efficient Cost Producer American Properties, Duke is now one of the largest commercial property owners and developers in Minneapolis with ownership of approximately 5,250,000 square feet of office and industrial properties. Duke Realty Investments is a fully integrated real estate company that owns interests in a diversified portfolio of 451 industrial, office and retail properties encompassing approximately 53 million square feet including today's announcements. These properties are primarily located in eight Midwestern cities. Duke Realty also owns approximately 1,700 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 7.8 million square feet of properties owned by third parties.
CONTACT: Duke Realty Investments, Inc.
Investor Inquiries: Thomas K. Peck, 317/574-3512
Media Inquiries: Donna H. Coppinger, 317/574-3518
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