Duke Realty is a major United States real estate investment trust, based in Indianapolis, Indiana. It mainly owns industrial warehouses.
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Business
Duke Realty primarily owns industrial warehouses used for distribution. Many of its properties are used by e-commerce retailers. It also owned medical offices and other offices, but it has sold almost all of these properties. It owns properties throughout the United States, with a concentration in the Midwest and the South. As of 2016, the three largest markets by square feet were Indianapolis, Chicago, and Atlanta, with 12.5%, 10.7%, and 9.5% of total square feet.
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History
Duke Realty was founded in 1972 by John Rosebrough, Phil Duke, and John Wynne. Its first development was in the Park 100 neighborhood in the northwest part of Indianapolis. In 1993, Duke Realty held an IPO on the New York Stock Exchange, raising $310 million. In 1999, it merged with Weeks Corporation, another real estate investment trust with properties primarily in the US Southwest. Weeks shareholders ended up with 28% of the new company. In 2006, it bought 32 buildings in the Washington, D.C. area from the Mark Winkler Company. In May 2017, it sold its medical office properties to Healthcare Trust of America for $2.8 billion, in order to focus on its industrial properties. In July 2017, Duke Realty joined the S&P 500.
Properties
Duke Realty is developing the Chesapeake Commerce Center, an industrial park, on the former site of the General Motors Baltimore Assembly Plant in Baltimore, Maryland. As of 2016, five buildings had been built, and a sixth was under construction. Amazon runs a distribution center in one of the warehouses in the center. It is also developing the Legacy Center, another industrial park, on the site of the former General Motors Linden Assembly in Linden, New Jersey. As of 2016, three buildings have been constructed.
Duke Realty was one of the developers of the Captrust Tower in Raleigh, North Carolina and the Scripps Center in Cincinnati, Ohio.
References
Source of article : Wikipedia
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