Duke Realty Corp. sold the Shops at Pembroke Gardens, a 391,120-sq.-ft. lifestyle center in Pembroke Pines, Fla., to an institutional joint venture for $188 million, or $480 per sq. ft. The firm will recycle proceeds from the sale into an eight-building industrial portfolio that it is currently under contract to purchase.
“The sale of this retail asset is in alignment with our asset repositioning strategy, which includes divesting our retail holdings and targeting an asset allocation mix of 60 percent bulk industrial, 25 percent suburban office and 15 percent medical office by the end of 2013,” said Duke Realty Chair and CEO Denny Oklak in a statement. “This disposition is a significant and strategic step in our asset repositioning strategy that has decreased our investment allocation in retail assets and resulted in a significant gain.”
The Shops at Pembroke Gardens was completed in 2008. It is currently 90 percent leased.
Jeff Behm, vice president of dispositions for Duke Realty, along with Danny Finkle, Jim Batjer, Luis Castillo and Robert Saracco, of HFF, represented Duke in the transaction.