Duke pays $311 million for industrial portfolio

Duke Realty Corp. has agreed to pay $311 million for an industrial portfolio totaling 4.86 million square feet of space. The geographically diversified portfolio includes eight modern, bulk industrial facilities that are 100 percent leased.The seller was USAA Real Estate Co.

The acquisition includes the assumption of $99 million of secured debt. Closing of the transaction is subject to customary closing conditions and is expected to occur in May 2013.

“The continued capital recycling activity during the quarter provide further progress on our strategy to have at least 60 percent of our portfolio in bulk industrial by the end of the year,” Denny Oklak, chairman and CEO of Duke, said in a statement.

Duke recently released its