Duke did not disclose the cost of the land, and calls by GlobeSt.com were not returned by deadline. According to records in the Broward County Property Appraiser's office, the Arthur D. Weiss Trust sold an aggregate 165 contiguous acres to five different entities for $33.35 million or about $202,121 per acre. Of the entire site, Duke Construction LP a/ka Duke Indiana Construction LP acquired 40 acres, which, according to the record of sale, would total just under $8.1 million.

Three entities, identified as Pembroke Office South, Central and North, respectively, of Coral Gables, acquired an adjacent 55-acre parcel for office development at a price that would total just over $11.1 million. Carr Residential, also based in Coral Gables, acquired the remaining approximately 70 acres, according to the records, at a cost of approximately $14.2 million.

Duke plans to begin construction of the retail parcel in spring 2006. "Easy access from I-75 and strong demographics in the area make the site an ideal location for upscale retailers seeking to tap into the South Florida market from Miami to Boca Raton," Cindy Schembre, says in a statement. She is SVP of retail for the South Florida subsidiary's parent company, Indianapolis-based Duke Realty Corp. "A number of highly desirable retailers have expressed interest in locating here," she adds.

"The planned new office development builds upon our success at Beacon Pointe in Weston where we are completing our fourth 97,000-sf speculative office building," says Mark Levy, Duke's VP of development and leasing for South Florida, in the statement. The office parcel can accommodate up to eight buildings, ranging from 100,000 sf to 120,000 sf.

Duke is significantly expanding its operations in Florida. This year alone, it acquired or assumed options on 165 acres in the South Florida, Orlando and Tampa markets. Its total Florida portfolio of industrial commercial real estate is five million sf while its South Florida portfolio includes approximately 800,000 sf of office space. Including the current acquisition and option, it controls 110 acres of land for future development. The South Florida operation continues to seek "promising sites" in this area of the state for future development, according to Duke.

Instant Insights /

Duke Realty Pays $202K Per Acre for 40-Acre Retail Parcel

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