INDIANAPOLIS-Duke Realty Corp., based here, has purchased a portfolio of port-affiliated properties in Virginia and Washington, and 161 acres in Texas, where it plans to spend about $140 million to build about 2.9 million sf of industrial buildings in the next seven to eight years. Savannah, GA-based Powers Holdings LLC sold the land and the existing properties, which total about 758,000 sf.

David Hudson, SVP with Duke, tells that the company can’t release the purchase price. However, he says the cost will be revealed in the end of the month information release to shareholders. Hudson says the acquisition was designed to build the company’s stable of port-related properties, which already includes 5.2 million sf in Savannah, GA and a new development near the Port of Baltimore called the Chesapeake Commerce Center.

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

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