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Duke Realty sells Fla. office building for $42M

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Duke Realty sells Fla. office building for $42M

Duke Realty Corp. divested a four-story office building at 880 SW 145th Ave., in Pembroke Pines, Fla., for $42 million, the South Florida Business Journal reported.

The buyer, Pembroke Pointe Office LLC, an affiliate of Midtown Capital Partners, received a $22.7 million mortgage from a national life insurance company for the property, the report said.

The 143,535-square-foot office building is 86% leased, with tenants including Elizabeth Arden, DeVry Education Group, Costa Cruises and Boxy Charm.

The sale of the office asset reflects the company's transition to industrial real estate, the report noted.