The largest sale was 780,000 sf at the Park 100 and Lebanon business parks here for $30 million. The REIT will close on $42 million in industrial property sales in the second and third quarters, including a $7-million deal earlier this month. Duke-Weeks will continue to lease and manage these assets for the buyer.
Also sold in the first quarter were a 506,000-sf industrial building in Atlanta; the 319,000-sf Airport Commerce Center in Orlando, FL; a 214,000-sf office building in Cincinnati; a 119,000-sf industrial building in Chicago; a 44,000-sf office building and 17,000-sf industrial building in Minneapolis and a 40,000-sf industrial building in Cleveland.
"Our dispositions in the first quarter served to upgrade the quality of our portfolio as we were able to sell some of our older and less strategic properties," says Duke-Weeks Chairman and CEO Thomas L. Hefner. "In general, we are still seeing solid investor demand for institutional quality office and industrial properties and we continue to expect $400 million to $500 million of dispositions this year."
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