Chambers Street Acquires Interests in 17 JV Assets

Chambers Street Properties has acquired 100 percent of the interests in 17 properties held in a joint venture between Chambers Street and Duke Realty Corp., according to a Houston Chronicle report. Chambers Street Properties acquired the remaining interests for a reported $98.6 million as Duke continues to divest many of its office holdings to focus more on industrial assets. Chambers Street and Duke Realty have been joint venture partners since 2008 and the remaining interest held by the JV now comprises 20 properties in the United States. Chambers Street and Duke Realty continue to own 80 percent and 20 percent, respectively, of the remaining JV.

"This is a mutually agreeable transaction which has conveyed full ownership and control of 17 high quality commercial properties in markets where Chambers Street currently operates," Philip L. Kianka, executive vice president and COO of Chambers Street, said in a statement. "The transaction is in keeping with our fundamental investment strategy while still allowing us to continue with our successful relationship with Duke Realty on the remaining assets held by the JV."

The properties acquired consist of 16 office buildings and one warehouse/industrial building, including:

• The Landings I, The Landings II and McAuley Place, three office buildings totaling 542,000 square feet in Cincinnati, Ohio;
• Atrium I and Easton III, two office buildings totaling 451,000 square feet in Columbus, Ohio;
• Point West I, a 183,000 square foot office building in Dallas, Texas;
• Miramar I and II, two office buildings totaling 223,000 square feet in Fort Lauderdale, Fla.;
• 22535 Colonial Pkwy, a 90,000 square foot office building in Houston, Texas;
• Norman Pointe I and II, two office buildings totaling 537,000 square feet in Minneapolis, Minn.;
• Celebration Office Center and Northpoint III, two office buildings totaling 209,000 square feet in Orlando, Fla.;
• Goodyear Crossing Ind. Park II, an 820,000 square foot warehouse/distribution facility in Phoenix, Ariz.; and,
• 1400 Perimeter Park Drive, 3900 N. Paramount Parkway and 3900 S. Paramount Parkway, three office buildings totaling 265,000 square feet in Raleigh, N.C.

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