Duke Realty Buys Office Park, Adjacent Land

RALEIGH, NC-The JP Morgan Fleming-managed Strategic Property Fund has sold the 250,200-sf Centerview Office Park here and 22 acres of adjacent developable land to Duke Realty Corp., the public REIT based in Indianapolis. JP Morgan Fleming VP Peter Nicoletti says Centerview was a solid performer in its portfolio, “but we exceeded our target holding period and wanted to redeploy the proceeds into other investment opportunities.”

Mark De Riemer of Chicago-based Jones Lang LaSalle’s New York office handled the disposition. He declined to reveal the sale price, but local brokers familiar with the property tell GlobeSt.com the negotiated price was between $24 million and $25 million.

The Centerview Office Park is located at the intersection of I-40 and I-440 in the West Wake submarket of Raleigh. It consists of two four-story buildings and one three-story building with a combined occupancy of 90%, De Riemer tells GlobeSt.com. The developable land is zoned for general commercial use and could hold an addition 250,000 sf of office space, he adds.