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Duke Enters Brevard County With $8M Land Buy for $20M Retail Center

TITUSVILLE, FL-The Indianapolis-based developer pays locally based RW Kirk Trust-Bob Kirk Realty $307,692 per acre for a 26-acre tract at State Roads 405 and 50. Duke Realty Corp. plans to break ground in March on the 210,000-sf Crossroads Marketplace project to rise on the site.

By Alex Finkelstein | Updated on November 23, 2005

TITUSVILLE, FL-Duke Realty Corp., one of the largest industrial developers in the US, is increasing its 10-million-sf retail portfolio with the planned groundbreaking in March of Crossroads Marketplace, an estimated $20-million, 210,000-sf shopping center in this Space Coast hub.

It will be Duke’s first retail project in Brevard County and Central Florida. Duke has a second retail venture under way in Pembroke Pines, South Florida. The Indiana developer paid locally based RW Kirk Trust-Bob Kirk Realty $8 million, or $307,692 per acre ($7.06 per sf), for a 26-acre tract at State Roads 405 and 50. Duke anticipates opening the center by fall 2006.

The Orlando office of Colliers Arnold Commercial Real Estate Services Inc. negotiated the land deal for Duke and is also the center’s leasing manager. The seller represented itself. The tract was on the market for about a year. The deal took six months to complete, from contract signing to closing. Duke also plans to develop two multi-tenant out-parcel buildings on the site.

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