INDIANAPOLIS-Duke Realty and Jeffrey R. Anderson Real Estate are teaming up in a 50-50 joint venture to build four lifestyle centers valued at about $350 million. The partnership has already identified two centers it is developing, totaling nearly 750,000 sf between them.

The Shoppes at Montage in Northeast Pennsylvania, between Scranton and Wilkes-Barre, will have 327,440 sf of shop space. Reports have estimated that the center will open some time in next spring.

The developers plan to break ground in the summer on the 399,000-sf Shoppes at Pembroke Gardens, in Pembroke Pines, FL, outside of Ft. Lauderdale. That center has also been scheduled for an opening in about a year.

Locally based Duke and Anderson, of Cincinnati, have worked together before. Duke has served as construction manager for projects Anderson has developed in around its headquarters' city and the Chicago area.

Anderson, a private firm, is known for its lifestyle-center developments. Among the centers has built is the 565,000-sf Algonquin (IL) Commons, which the company sold Inland Real Estate Corp. earlier this year for $154 million.

Duke owns industrial, office and retail properties across the country. The REIT has 105 million sf under ownership, management or development and has identified an additional 69 million sf of future projects.