Duke-Weeks Nets $370 Mil in $789-Mil Industrial Joint Venture

ATLANTA-Duke-Weeks Realty Corp. has joined forces with affiliates of J.P. Morgan Investment Management Inc. and General Motors Asset Management in a $789-million industrial properties joint venture. The Indianapolis, IN-based company netted $370 million from the transaction.

Duke-Weeks sold or contributed to the existing venture $459 million of industrial property and $30 million of undeveloped land. J.P. Morgan Investment contributed $43 million of industrial properties.

The assets include 129 buildings totaling 21.8 million sf in seven markets. Also in the package are 300 acres of undeveloped land with an estimated development potential more than 5 million additional sf.