Duke Realty Corp.'s 2003 acquisitions totaled $233 million, with the two suburban properties making up 10% of that total. Located in the O'Hare submarket, O'Hare Corporate Centre has a 16.2% vacancy rate, typical of the overall suburban office market. Duke Realty Corp. acquired the property from O'Hare Investors I.
The Carol Stream property is 100% occupied, and is among four properties in Carol Stream Business Park. Overall, the properties total 1.3 million sf but are 31% vacant.
President and COO Dennis D. Oklak says the REIT's fourth-quarter acquisitions were at an overall capitalization rate of 8.9%.
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