PWA Real Estate purchases three buildings totaling 273,379 square feet
(Indianapolis, Ind. – November 2, 2011) Duke Realty Corporation (Duke Realty) announces the sale of a three-building office portfolio in North Olmstead, Ohio, a west Cleveland submarket, to PWA Great Northern Corporate Center, L. P., an affiliate of PWA Real Estate. Great Northern Corporate Center I, II and III, located at 23950, 25000 and 25050 Country Club Boulevard, respectively, are Class A office buildings totaling 273,379 square feet.
“The sale of these three buildings is part of Duke Realty’s strategy to exit the Cleveland market and reduce our investment in Midwest office properties,” said Jeff Behm, Vice President of Dispositions for Duke Realty. “The sale of the Great Northern office buildings helps Duke Realty make progress in its goal of realigning its investment portfolio so that its composition is 60 percent industrial, 25 percent office and 15 percent medical office.”
“Great Northern Corporate Center is a superior portfolio and the type of properties that PWA wants to add to its holdings,” said Jose Raymundo, Executive Vice President of Acquisitions for PWA Real Estate. “The buildings are high-quality, incorporating first-class features such as marble floors, open atriums, fountains and on-site conference facilities. Their location near Cleveland Hopkins International Airport and an abundant amenity base, including the Great Northern Mall, lodging and restaurants, also make them desirable assets.”
“We are pleased that we could help Duke Realty and PWA Real Estate meet their portfolio goals,” said John Merrill, Senior Vice President with CBRE, who represented Duke Realty in the transaction.
About Duke Realty
Duke Realty owns and operates approximately 141 million rentable square feet of industrial and office assets, including medical office, in 18 major U.S. cities. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty is available at www.dukerealty.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. More information about CBRE Group is available at www.cbre.com.
About PWA Real Estate
Headquartered in Pittsburgh, PA, PWA Real Estate is the real estate division of Private Wealth Advisors, Inc., an investment management firm. PWA Real Estate’s core focus is to acquire income-producing, commercial real estate properties. The firm looks to purchase commercial-grade, strategically located, stabilized assets that are sourced, analyzed and managed by a team of experienced real estate professionals. More information about PWA Real Estate is available at www.pwarealty.com.