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Duke Proceeding With Spec Industrial Project

EAGAN, MN-The Indianapolis-based REIT and developer believes there are three or

By Jim McCartney | Updated on November 12, 2001

EAGAN, MN-While it may not seem to be the best time to be developing an industrial project on speculation, Duke Realty Corp. says prospects are good enough to begin building the 118,000-sf Lunar Pointe here. The office warehouse, under development on 9 acres east of Interstate 35 on Lone Oak Road, is expected to be completed by January.

“It’s a tough market out there, and there’s no doubt that activity has slowed,” says Jim Gray, head of the Twin Cities office for Indianapolis-based Duke Realty. “But the Eagan market is holding up, and we’re confident we have three or four good prospects.”

The project is among $67 million of new developments Duke has underway, totaling 1.7 million sf and expected to provide a stabilized return of 11.4%.

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