Duke Realty Announces Joint Venture with National Shopping Center Developer; Jeffrey R. Anderson Real Estate, Inc. Partners with Duke's Retail Development Group; Projects Planned in Pennsylvania and Florida.INDIANAPOLIS -- 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. Corporation and Jeffrey R. Anderson Real Estate, Inc., of Cincinnati, have announced a 50/50 joint venture agreement to develop four premier lifestyle centers. Duke Realty will provide the financing and construction services while Jeffrey R. Anderson Real Estate will provide the leasing and property management. "Our two companies have developed a strong relationship," said Cindy Schembre, Duke's Senior Vice President of Retail Operations. "Duke has served as construction manager for several Anderson projects in Cincinnati and Chicago, which opened the door to take the relationship to the next level to our mutual benefit." The companies will partner for a total of four projects, worth an estimated $350 million, with two already identified. The Shoppes at Montage montage (mŏntäzh`, Fr. môNtäzh`), the art and technique of motion-picture editing in which contrasting shots or sequences are used to effect emotional or intellectual responses. will be located in Scranton, Pennsylvania "Scranton" redirects here. For other places named Scranton, see Scranton (disambiguation). The City of Scranton is the county seat of Lackawanna CountyGR6 in Northeastern Pennsylvania, USA. and Shops at Pembroke Gardens will be located in Pembroke Pines, Florida Pembroke Pines is a city in Broward County, Florida, United States. The population was 137,427 at the 2000 census. As of 2004, the population estimated by the U.S. Census Bureau is 150,104. . "These joint venture projects will allow each of us to leverage our strengths and create even better projects for the tenants and the consumer," said J.R. Anderson, Director of Development for Jeffrey R. Anderson Real Estate, Inc. "The lifestyles centers to be developed by the Anderson-Duke joint venture will feature exclusive women's fashion boutiques, men's clothiers, coffee houses, spas and other unique shops alongside upscale and casual dining restaurants amid inviting gathering spots, wide sidewalks, and convenient parking in close proximity to individual shops." The Shoppes at Montage will consist of 327,440 square feet and offer residents and visitors high end shopping and dining experiences that have previously not been available in the area. "The lifestyle center will be situated on I-81 in Northeast Pennsylvania, almost directly in between the two major markets of Scranton and Wilkes-Barre at the crossroads for Interstates I-81, I-476, I-380 and I-84," continued Schembre. "This area has become an entertainment hub and attracts numerous visitors and vacation home Vacation Home A home separate from an individual's primary residence that is used for recreational purposes and may also be rented out at unused times. Notes: For tax purposes, those who rent their vacation homes may result in a lower amount of allowable expense owners from New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Philadelphia." The second planned project is Shops at Pembroke Gardens, in Pembroke Pines, Florida. Scheduled to start construction in Summer 2006, this 399,000 square foot, upscale center will be located at the prominent intersection intersection /in·ter·sec·tion/ (-sek´shun) a site at which one structure crosses another. intersection a site at which one structure crosses another. of I-75 and Pines Boulevard, easily accessible from Miami, Ft. Lauderdale and Boca Raton Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. . It represents one of the only land parcels available in the market for substantial retail development. "Shoppers and visitors will be greeted by beautiful royal palms that will line a grand entrance," described Schembre. "A plaza and architecture that harkens back to old Florida will add a touch of elegance to the upscale shopping experience." Duke is the largest publicly traded office and industrial real estate company in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . The Company is a full-service commercial real estate company that owns, manages or has under development more than 113.8 million square feet of industrial, office and retail properties in 14 major U.S. cities. Duke, which controls 4,400 acres of land for 69 million square feet of future development, also provides nationwide real estate solutions through its national development division. More information about Duke is available on the Internet: www.dukerealty.com For an updated list of available space from Duke, visit www.dukespacefinder.com |
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