Local office leases 824k square feet in newly developed and acquired properties in three separate lease transactions and adds two fully leased assets to its portfolio in first quarter.
The Southern California office of Duke Realty (NYSE: DRE), the leading domestic-focused industrial property REIT (Real Estate Investment Trust) in the country, is off to a strong start in 2018, leasing 824,363 square feet of space in newly developed or recently acquired buildings and expanding its portfolio with the acquisition of two, fully leased last mile buildings totaling 119,431 square feet. As a result of its first quarter activity, Duke Realty’s portfolio in Southern California has increased to 8.1 million square feet, with another 1.5 million square feet of 100 percent preleased industrial space under construction.
“Duke Realty continues to grow its Southern California portfolio with modern, well-located properties, which have helped us benefit from strong market fundamentals,” said Chris Burns, Regional Senior Vice President of Duke Realty’s Southern California operations. “Our local team is knowledgeable, hard-working and dedicated to finding the best space solutions for our tenants which has contributed to their success in pre-leasing space while buildings were still under construction and signing tenants for two acquired properties within months of bringing them into our portfolio. Our team also has been able to grow our portfolio through the acquisition of two fully leased Class A industrial buildings located in northern Orange County with over 200,000 households within a five mile radius.”
Duke Realty successfully preleased its under-construction building at 16171 Santa Ana Avenue in the Inland Empire West submarket of Fontana to Sub-Zero. The 282,154-square-foot building is scheduled for delivery in August.
Full-building leases have also been signed in two properties that were acquired in 2017. 9988 Redwood Avenue, a 214,431-square-foot warehouse in Fontana is now 100 percent leased to NRI USA and 825 Ajax Avenue, a 327,778-square-foot building in City of Industry, is leased by Sealy Mattress.
The two buildings acquired by Duke Realty in Southern California in the first quarter are located at 500 and 700 Burning Tree Road in Fullerton. The fully leased warehouses in Northpoint Commerce Industrial Park total 119,431 square feet.
Duke Realty entered the Southern California market in 2011 and has steadily grown its portfolio through development and acquisitions. Parties interested in leasing and development opportunities with Duke Realty in Southern California are invited to contact the company at 949.797.7000.
About Duke Realty
Duke Realty Corporation owns and operates approximately 149 million rentable square feet of industrial assets in 20 key U.S. logistics markets. Duke Realty is publicly traded on the NYSE under the symbol DRE and is listed on the S&P 500. The company maintains a Baa1 rating from Moody’s Investor Service and a BBB+ rating from Standard & Poor’s Financial Services. More information about Duke Realty Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.