Duke Realty Corp., Indianapolis, and Jeffrey R. Anderson Real Estate, Cincinnati, have entered into joint venture to develop four retail properties valued at about $350 million.Duke, a retail real estate investment trust, said it will provide the financing and construction for the properties, while its joint venture partner will handle the leasing and property management aspects of the venture. Two of the four projects, which are being marketed as "lifestyle centers," have already taken shape and are to be located in Scranton, Pa., and Pembroke Pines, Fla. The Pennsylvania retail property will consist of 327,440 square feet, and the Florida property 399,000 square feet, Duke said.
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