Duke Sells Off Retail Center For $188M

Law360, San Diego (May 7, 2013, 9:32 PM EDT) -- Indianapolis-based Duke Realty Corp. has sold a Florida shopping center for $188 million as part of its strategy to shed its retail holdings, the real estate investment trust said Tuesday.

An undisclosed institutional joint venture bought the Shops at Pembroke Gardens, a 391,120-square-foot lifestyle retail center in Pembroke Pines near Fort Lauderdale, for $188 million, or $480 per square foot, according to Duke.

The sale of the retail center, which was built in 2008 and is 90 percent leased, falls in line with Duke’s plan to...
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