Deals & Projects: March 2011

A CHICAGO-BASED private real estate joint venture has sold a single-tenant, net-leased Citibank property near Wrigley Field in Chicago to a family partnership based in California. The sale price was $2.2 million. The 5,500 sq. ft. retail condominium, located on the first floor of a mid-rise building, is 100% leased to Citibank, according to The Boulder Group, an investment brokerage firm which represented the seller in the transaction.

DUKE REALTY CORP., based in Indianapolis, has closed on 43 of 56 properties recently acquired from Premier Commercial Realty. The 4.9 million sq. ft. portfolio, acquired for $450 million, consists of 51 bulk warehouse-distribution buildings and five office buildings. The acquisition increases Duke Realty's holdings in South Florida to more than 7 million sq. ft., making it a top owner of industrial space in Broward and Palm Beach counties.

GC NET LEASE REIT, a publicly registered, non-traded real estate investment trust sponsored by Griffin Capital Corp., has acquired a 169,816 sq. ft. printing facility in Loveland, Colo. The facility is leased to World Color LLC under a long-term triple-net lease. The sales price was $11.85 million. The REIT acquired the property at an initial capitalization rate of approximately 10.26%, according to Griffin Capital Corp.

TAGS: News
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