Duke Realty Investments announces new industrial acquisitions.INDIANAPOLIS--(BUSINESS WIRE)--March 6, 1995--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 purchased two industrial properties totaling approximately 106,000 square feet and one shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into totaling approximately 81,000 square feet. In the aggregate the company expects to achieve an unleveraged return of 11.9 percent on its combined investment of approximately $9.5 million in the three properties. The two newly announced industrial acquisitions include a 70,000 square foot distribution facility in Cincinnati; and a 36,150 square foot distribution facility in Nashville. Each property is 100 percent leased to a single tenant with remaining lease terms extending to the year 2001. The new retail acquisition announced today is Eastgate Square Shopping Center in Cincinnati. The 100 percent leased, 80,682 square foot center is anchored by Michaels Arts & Crafts. Separately owned Wal-Mart and Frank's Nursery & Crafts stores also anchor Eastgate Square. Duke Realty Investments is a fully integrated real estate company which owns interests in a diversified diversified (di·verˑ·s portfolio of 146 industrial, office and retail properties encompassing approximately 15.9 million square feet including today's announcements. These properties are primarily located in eight midwestern states with 126 properties located in the metropolitan areas of Indianapolis, and Columbus and 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. . Duke Realty also owns more than 900 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 peck: see English units of measurement. , 317/574-3512 Media Inquiries: Donna H. Coppinger, 317/574-3518 |
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