The Real Deal Miami

Duke to buy Premier assets for $450M

December 21, 2010 01:04PM

Duke Realty’s rumored acquisition of Premier Commercial Realty’s South Florida portfolio is a done deal, the company revealed in an SEC filing last night. The price tag for the 4.9 million square feet in real estate assets — including the assumption of $292 million in debt with maturities between 2011 and 2017 — is $450 million. The sale is expected to close early next year. “The submarkets in which these assets are located are land constrained, experiencing improving absorption and will be key locations for future rental growth as demand for quality industrial space begins to outpace supply,” Duke CEO Dennis Oklak said in a statement. Premier’s 51 industrial and five office properties in South Florida include the Atlantic Business Center in Pompano Beach, Park Central Business Park, also in Pompano Beach, and the Premier Gateway Center @ Quantum in Boynton Beach. [SFBJ]