CB Richard Ellis Realty Trust and Duke Realty Corp. said Tuesday they have partnered in a joint venture that will have the venture acquire from Duke Realty as much as $800 million of newly developed industrial projects over the next three years.

The agreement provides CB Richard Ellis Realty Trust which is owned by Los Angeles-based CB Richard Ellis Group Inc., with “exclusive access to a pipeline of newly constructed, institutional quality industrial properties around the country,” a spokesman for CBRE said.

For Duke, the deal raises capital now and eventually allows it to launch new private investment funds.

The venture has the companies teaming to buy three bulk industrial properties for $250 million this year along with additional properties Duke plans to develop in the next three years. No further specifics were provided.

Shares in CBRE fell 5 cents to $22.97 in early trading Tuesday.