The portfolio includes 25 buildings--two office buildings and the rest industrial--located throughout the Twin Cities suburbs of Eagan, Burnsville, Bloomington, Edina, Minnetonka, New Hope and Fridley.
Mark Kolsrud, SVP at the Twin Cities office of Colliers Turley Martin Tucker, and Jeff Kahan of Chicago-based Colliers Bennett & Kahnweiler, worked together on behalf of Duke in the transaction.
"This is the largest industrial portfolio to change hands in the Twin Cities in over five years," Kolsrud says. "Buyer interest was significant, which is testimony to how the pricing disparity between buyer and seller has diminished. Following a two-year drought in sales activity, I believe this transaction will serve as a trendsetter in the Twin Cities marketplace and we will see more property trading in 2004, especially varying quality of industrial product."
The sale represents just under 15% of the square footage in Duke's Twin Cities portfolio and aided in the company's portfolio management strategy, allowing for expansion opportunity in other areas. Duke continues to own and manage over 6.9 million sf in Minneapolis.
With a large presence in the Midwest and Southeast, Duke owns, manages, or has under development more than 107 million sf of office, industrial, and retail property.
Colliers Turley Martin Tucker has 900 associates including more than 400 licensed real estate professionals and handles more than $2.5 billion in annual real estate transactions and manages over 82 million sf of industrial, office, and retail space. Besides the Twin Cities, the firm has regional offices in Cincinnati, Dayton, Indianapolis, Kansas City, Nashville and St. Louis.
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