Duke Poised To Acquire Premier Portfolio

Dec 08, 2010 No Comments by

To quote Darcy Lunsford, Real Estate Editor with the South Florida Business Journal, “It’s been leaking like water from a rusty bucket.”

Duke Realty Corp. is negotiating to buy the Premier Commercial Realty’s industrial and office portfolio, according to multiple real estate sources. Pompano Beach-based Premier’s holdings are massive, with about 4.5 million square feet in South Florida and 2 million square fee out-of-state.

The sale is off-market, which means there was no traditional marketing fanfare and no parade of bidders and brokers to spill the beans. But, news of the sale, which could top $500 million based on a market value estimate, is real estate’s worst-kept secret.
The sale, still in the due diligence stage, is expected to close by year-end, according to a source familiar with the pending deal.
“If they had gone out to open market – that is a very desirable portfolio,” the source said. “If they shopped it, they would have gotten a huge price.”

Premier’s properties include:

  • Atlantic Business Center on West Atlantic Boulevard in Pompano Beach, which can house as much as 1.2 million square feet of industrial space when fully built out.
  • The 380,400-square-foot Copans Business Park on West Copans Road.
  • The 987,000-square-foot Park Central Business Park in Pompano Beach.
  • The 336,000-square-foot Premier Gateway Center @ Quantum in Boynton Beach.

The fact that Duke is seeking Premier’s assets ­– or that the privately owned Premier would opt to negotiate with the public Duke (NYSE: DRE) without going out to the open market for competitive bids – is hardly a shocking plot twist.

In June, Premier sold its 27-acre Premier Turnpike Park to Duke for about $20 million.

Read more: Duke poised to acquire Premier assets | South Florida Business Journal

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