Duke Realty Sells Shops At Pembroke Gardens

Duke Realty Corporation (NYSE: DRE) has sold the Shops at Pembroke Gardens located at SW 5th St. in Pembroke Pines to an institutional joint venture and equity partner for $188 million, or about $480 per square foot.
The 391,120-square-foot lifestyle center was built in 2008 in the Southwest Broward County submarket, at a heavily-traveled I-75 and Pines Blvd. interchange, southwest of Fort Lauderdale. The well-positioned asset was 90 percent leased at the time of sale to national tenants including Barnes & Noble, Old Navy, Golf Galaxy, and DSW Shoe Warehouse.
“The sale of this retail asset is in alignment with our asset repositioning strategy, which includes divesting our retail holdings and targeting an asset allocation mix of 60 percent bulk industrial, 25 percent suburban office and 15 percent medical office by the end of 2013,” said Denny Oklak, Chair and CEO of Duke Realty. “This disposition is a significant and strategic step in our asset repositioning strategy that has decreased our investment allocation in retail assets and resulted in a significant gain. Proceeds from the sale will be accretively recycled into an eight-building industrial portfolio that we currently have under contract for purchase.”
Duke Realty, the national real estate investment trust that specializes in the ownership, management and development of bulk industrial, medical and office buildings, owns immediately adjacent, but not included in the sale, approximately seven acres for retail development and nearly 44 acres for a master-planned, 700,000-square-foot office project.
Jeff Behm, vice president of dispositions for Duke Realty, worked with the HFF team of Danny Finkle, senior managing director, Jim Batjer, managing director, Luis Castillo, director, and Robert Saracco, senior analyst, on the sale.
 
Source:  CoStar