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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 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 will be located in Scranton, Pennsylvania and Shops at Pembroke Gardens will be located in Pembroke Pines, Florida.

"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 owners from New York 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 of I-75 and Pines Boulevard, easily accessible from Miami, Ft. Lauderdale and Boca Raton. 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. 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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Publication:Business Wire
Date:Apr 6, 2006
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