Apollo, Duke Wrap Office Deal
- Aug 28, 2015
Duke Realty Corp. continues to sell off its properties in Ohio. Most recently, 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.