Apollo, Duke Wrap Office Deal

Duke Realty Corp. continues to sell off its properties in the state of Ohio.

By Adrian Maties, Associate Editor

Deerfield Crossing

Deerfield Crossing

Duke Realty Corp. continues to sell off its properties in Ohio. Most recently, a fund sponsored by Apollo Global Management paid $103 million for six assets, the Cincinnati Business Courier reported.

Warren County’s Deerfield Crossing is the star of the 700,000-square-foot portfolio. Duke placed the 320,000-square-foot property, which consists of two buildings at 5181 Natorp Blvd. and 5191 Natorp Blvd., on the market in March, and sold it for $42 million, or more than $131 per square foot. PropertyShark lists the total market value of the 92 percent-occupied Deerfield Crossing at $27.7 million.

The three Blue Ash Class A office buildings—Pfeiffer Woods, Westlake Center and Lake Forest Place—sold for $54.2 million, while the remaining Class B properties—Northmark I and Remington Park A & B—changed hands for $7.25 million. But Apollo did not hold on to the Class B buildings for long. According to the Business Courier, Meyer Properties Inc. has already sold these two properties bought the buildings for $7.5 million in a transaction that closed on August 24.

The transactions are part of Duke’s long-term strategy to dispose of its office portfolio and focus on industrial assets. The Indianapolis-based owner and developer is the largest industrial landlord in Greater Cincinnati, with 28 buildings and about 9 million square feet of space.

Photo credit: Duke Realty Corp.

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