PRINCETON, NJ-Chambers Street Properties has bought a 100% interest in 17 commercial properties around the Midwest and Southwest that were part of a joint venture portfolio it holds with Indianapolis-based Duke Realty Corporation.
The Maryland-based REIT, which has its headquarters in Princeton, has been joint venture partners with Duke Realty since 2008. They will continue their joint ownership of 20 other properties, with Chambers Street continuing an 80% interest and Duke Realty continuing to own 20% of the remaining joint venture.
“This is a mutually agreeable transaction which has conveyed full ownership and control of 17 high-quality commercial properties in markets where Chambers Street currently operates,” said Philip L. Kianka, Chambers Street's CEO. “The transaction is in keeping with our fundamental investment strategy while still allowing us to continue with our successful relationship with Duke Realty on the remaining assets held by the JV.”
The properties Chambers Street acquired include 16 office buildings and one warehouse/industrial building. They are:
- The Landings I, The Landings II and McAuley Place, three office buildings totaling 542,000 square feet in Cincinnati, OH |
- Atrium I and Easton III, two office buildings totaling 451,000 square feet in Columbus, OH
- Point West I, a 183,000 square foot office building in Dallas
- Miramar I and II, two office buildings totaling 223,000 square feet in Fort Lauderdale
- 22535 Colonial Pkwy, a 90,000 square foot office building in Houston
- Norman Pointe I and II, two office buildings totaling 537,000 square feet in Minneapolis, MN
- Celebration Office Center and Northpoint III, two office buildings totaling 209,000 square feet in Orlando
- Goodyear Crossing Ind. Park II, an 820,000 square foot warehouse/distribution facility in Phoenix
- 1400 Perimeter Park Drive, 3900 N. Paramount Parkway and 3900 S. Paramount Parkway, three office buildings totaling 265,000 square feet in Raleigh, NC.
Chambers Street's full portfolio includes 129 properties on three continents in more than 40 markets (116 properties in the United States, six properties in Germany and seven properties in the United Kingdom), as well as an investment with institutional partners, that includes interests in eight properties located in China and Japan.
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