(Carl Cronan is editor of Real Estate Florida.)
TAMPA, FL-A local industrial building and two office buildings in Orlando and Houston make up a joint-venture acquisition between CB Richard Ellis Realty Trust and Duke Realty Corp. The total price of the recently constructed portfolio, totaling nearly 327,000 square feet, is just over $41 million or $126 per square foot.
All three class A buildings are single-tenant, build-to-suit projects. They were owned outright by Indianapolis, IN-based Duke Realty prior to the purchase by the joint venture, which was formed last year.
In Tampa, the JV now owns Fairfield Distribution Center IX, a 136,212-square-foot warehouse at 543-4561 Oak Fair Blvd., near Interstates 4 and 75. The building is fully leased to Iron Mountain, an information protection services organization.
The office buildings include Celebration Office Center III, a three-story building located at 1390 Celebration Blvd., near Walt Disney World west of Orlando. The 100,924,square-foot building, which seeks LEED Silver certification, is fully leased to Disney Vacation Development, a timeshare subsidiary of the Walt Disney Co.
In Houston, the other office building in the JV purchase is 22535 Colonial Parkway, a two-story, 89,750-square-foot structure near Interstate 10 West and Grand Parkway in suburban Katy, TX. The building is leased to Det Norske Veritas, a Norwegian risk management services company serving the maritime and hydrocarbon industries.
"With this acquisition, we seek to continue our disciplined focus on well-located, high-quality properties with strong tenancies," says Gary Jaye, senior acquisitions director for Los Angeles-based CBRE Investors LLC. The joint venture between CBRE and Duke Realty plans to buy up to $800 million of newly developed build-to-suit projects over the next three years.
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