CBRE Capital Markets to Act as Agent for Duke’s $800M Industrial JV

Duke Realty Corp., with CBRE Capital Markets Group as its new equity partner, plans to accumulate all build-to-suits projects into a joint venture with CB Richard Ellis Inc., the companies said today. The new venture will include the acquisition of up to $800 million of newly developed bulk industrial build-to-suit projects over the next three years. The new partnership allows Duke Realty to recycle capital while maintaining relationships with key national tenants.CBRE Capital Markets served as Duke Realty’s equity placement agent in the transaction. The initial portfolio included six properties, totaling approximately 5.2 million square feet of industrial space with a value of approximately $250 million. The initial industrial assets were selected from such distribution markets as Dallas, Phoenix, Indianapolis , Jacksonville and Columbus . “The new venture with CBRE allows us to retain an interest in key bulk industrial build-to-suit projects, as well as maintain our existing client relationships,” Bob Chapman, COO with Duke Realty said in a release.Denny Oklak, chairman and chief executive officer of Duke said, “This venture allows Duke to recycle a significant amount of capital and strengthen our private capital track record with the ultimate goal of launching additional funds.”