INDIANAPOLIS-Duke Realty Corp. launched $67 million in new developments in the third quarter, including a 600,000-sf industrial building here at its Plainfield Business Park, while selling properties for a total of $281 million. While Duke Realty expects the new developments to yield a stabilized return of 11.4%, its sales were at a stabilized capitalization rate of 9.5%.

The sales included 14 buildings totaling 1.02 million sf in the Atlanta market, three industrial buildings totaling 945,000 sf in Indianapolis, four buildings totaling 327,000 sf in Minneapolis and two industrial buildings totaling 115,000 sf in St. Louis.

Other developments include two industrial buildings totaling 367,000 sf in Duke’s Park Fletcher business park, two industrial buildings in a joint venture totaling 199,000 sf at Trinity Mills business park in Dallas, two industrial buildings totaling 146,000 sf in the company’s Lakeside Crossing business park in St. Louis, a 118,000-sf suburban office building at the company’s Northpointe business park in Orlando, a 115,000-sf industrial building at Lunar Pointe in Minneapolis.

In addition, Duke Realty has a third-party contract to construct two buildings totaling 1.6 million sf for Lowes Inc. in North Carolina.

“As of Sept. 30, we estimate that we comfortably have over $1.0 billion of debt capacity and more financial flexibility than ever,” says Chairman and Chief Executive Officer Thomas L. Hefner. “With the tragic events of Sept. 11 likely to push the economy into a harder landing than anticipated just a few weeks ago, we are very pleased to be operating from a position of financial strength during this difficult economic environment.”

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