Indianapolis-based Duke Realty has sold 940,319 square feet of office space in Broward County. Affiliates of Duke Realty sold nine properties to Starwood Capital, Trinity Capital Advisors and Venderbuilt Office Properties for a combined $178.3 million. The assets sold are in Plantation, Sunrise and Pompano Beach. The sale is part of a $1.1 billion transaction for property across four states that Duke announced earlier this month. Affiliates of the buyers secured mortgages totaling more than $123 million from Morgan Stanley Bank.
Earlier in the week, Avison Young announced that it had obtained the lease assignment for the portfolio, which consists of nine office buildings and a 6.2 acre vacant lot. The properties are 89 percent leased with more than 190,000 square feet available for lease or subleasing. The vacant lot is zoned for a three-story building capable of offering 87,000 square feet of office space.
