David Hudson, SVP with Duke, tells GlobeSt.com that the companycan't release the purchase price. However, he says the cost will berevealed in the end of the month information release toshareholders. Hudson says the acquisition was designed to build thecompany's stable of port-related properties, which already includes5.2 million sf in Savannah, GA and a new development near the Portof Baltimore called the Chesapeake Commerce Center.

He says the Texas land, spread out in the cities of Pasadena andLaPorte, will be developed into a park called FairPort. The land issix miles from Barbours Cut and the recently constructed Bayportcontainer terminal, which are part of the Port of Houston system.The company also bought a nearby 12-acre container/chassis storageyard and a 172,000-sf, fully-leased industrial building onGreenwood Street in Cedar Crossing Business Park in Baytown,TX.

Duke has wanted to build near the Texas port for three years,ever since it opened the Houston office, Hudson says. "This justhit all the things we were looking for," he says. "The port hasserious container growth, with 200 million tons of cargo moved in2006. Barbours and Bayport, which opened a year ago, combined areexpected to handle about 3.5 million 20-foot equivalent units(TEUs) a year."