Duke Eyes Continued Selling Spree

By Adrian Maties, Associate Editor

4680 Parkway Drive

Duke Realty Corp. is continuing its plan to shed office assets in Greater Cincinnati. After selling six of its assets in the area for $103 million in August, the Indianapolis-based REIT has placed four more Class A properties on the auction block.

Duke is now looking to sell the Governor’s Pointe portfolio in Deerfield Township, the Cincinnati Business Courier reported. According to the REIT’s website, the portfolio consists of:

• 4605 Duke Drive: 180,000 square feet, eight stories, about 73,000 square feet vacant;
• 4705 Duke Drive: 150,000 square feet, six stories, 9,350 square feet vacant;
• 4660 Duke Drive: 75,000 square feet, three stories, fully occupied;
• 4680 Parkway Drive: 126,000 square feet, four stories, 24,500 square feet available.

The Cincinnati Business Courier reported that Duke has retained DTZ’s Capital Markets team to market the properties. It includes Jim O’Connel, Mike Sullivan and Tom Powers. Although the listing price was not announced, real estate website PropertyShark reports that the combined market value of the properties is more than $25.5 million.

In its second-quarter report on the Greater Cincinnati office market, Marcus & Millichap noted that the area’s transaction velocity nearly doubled during the previous 12 months. What’s more, the average price per square foot jumped 13.2 percent to $136 per square foot.

Photo credit: Duke Realty Corp.