NOW DUKE SEEKS JV FOR ANOTHER 1.9 MILLION SF
By John Mugford
Now that Duke Realty Corp. (NYSE: DRE) has found an equity partner for its massive Baylor Cancer Center project, the firm is seeking a joint venture (JV) investor for 19 additional healthcare properties totaling more than 1.9 million square feet.
That’s according to officials of Savills, which arranged the Baylor deal. The real estate advisory and investment banking firm is now trying to line up a JV investor for the other properties.
Planning for the development of the future and massive, $154 million Baylor Cancer Center in Dallas has been in the works for at least a couple of years now.
One of the drivers of the project is the desire of Dallas-based Baylor Health Care System to respond to increasing demand for cancer care and to become one of the world’s premier providers of such care. Such lofty status would likely put Baylor in competition with the internationally renowned University of Texas M.D. Anderson Cancer Center down state in Houston.
All of the planning was recently elevated to certainty for the project, as it was announced earlier this month that the outpatient cancer center has received 100 percent equity funding from a JV composed of privately owned Milwaukee-based Northwestern Mutual Life Insurance Co., and Indianapolis-based Duke Realty.
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