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News release

MODESTO, CA

Central Valley Bulk Industrial Market Heats Up

Duke Realty engages Jones Lang LaSalle to handle purchase of 726,299SF industrial building at 1000 Oates in Modesto


Modesto, Feb. 1, 2013 — Jones Lang LaSalle (JLL) announced the closing of Indianapolis-based Duke Realty’s (NYSE: DRE) purchase of 1000 Oates Court a 726,299 square foot warehouse distribution building in Modesto, Calif., from HRC Modesto, LLC.  The transaction closed on December 12, 2012.  Terms were not disclosed.

Kevin Ahaesy, Jason Ovadia and Bob Taylor of JLL handled the transaction, working with Chris Burns, AVP of Acquisitions for the Western Region, Duke Realty.

“Northern California’s Central Valley continues to attract strong credit tenants looking for Class A bulk distribution facilities and remains a key target for our Western portfolio,” said Chris Burns of Duke Realty.  “Working with Jones Lang LaSalle we were able to get a very satisfactory and efficient execution on this transaction,” he added.

1000 Oates Court has been occupied solely by Conagra Foods, Inc. since opening in the early 2000s.  It was built to house the main West Coast distribution hub of the giant packaged foods company and is currently leased through 2018.  The building is situated south of the city of Modesto close to Highway 99 (Golden State Highway) and is also served by rail.

This is the second major purchase transaction completed by Duke in Northern California’s Central Valley during the fourth quarter. In October, Duke purchased a 552,450 square foot industrial warehouse building at 600 Spreckels Drive in Manteca. That building is currently leased by Delicato Wines.

“The Central Valley is the major distribution hub for Silicon Valley and San Francisco and the ongoing economic expansion within those key areas of the Northern California economy makes Class A properties such as 1000 Oates Court very attractive to knowledgeable buyers like Duke Realty,” Ahaesy said.

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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.