According to the filing, one of the properties that the joint venture will acquire was recently completed by Duke and is expected to be acquired by the joint venture this month. The remaining five properties are under construction and will be acquired by the JV upon completion.
The six properties to be acquired total more than 5.1 million sf. The one that is expected to be acquired this month is the 604,678-sf Buckeye Logistics Center in Phoenix, which is occupied by Amazon.com. The other five properties are the 630,570-sf Anson Building 1 in Indianapolis, occupied by Amazon.com; the 822,550-sf Unilever Texas building in Hutchins, TX; the 1.2-million-sf Prime Distribution building occupied by Prime Distribution in Plainfield, IN; the 722,210-sf Unilever Florida building in Jacksonville, FL; and a 1.1-million-sf building occupied by Kellogg's in West Jefferson, OH.
The CBRE Realty Trust filing says that upon the closing of the contribution of the first property to the JV, the REIT and Duke will enter into an operating agreement for 10 years, with Duke to act as the managing member of the venture. Duke will receive fees for asset management, construction, development, leasing and property management, and CBRE Realty Trust will have approval rights over all major decisions.
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