Two new spec buildings, one of which was pre-leased shortly after groundbreaking, are latest projects for national, pure-play industrial owner since it entered the market in 2011.
The Southern California office of Duke Realty Corporation (NYSE: DRE), the nation’s leading, domestic-only, pure-play industrial property REIT (Real Estate Investment Trust), is developing two new warehouses in the Inland Empire East submarket totaling 897,911 square feet, which will bring the company’s total industrial portfolio in the market to more than 10 million square feet. Duke Realty entered the Southern California market in 2011 and, since that time, has grown its portfolio through development and acquisitions to include more than 30 well-located, Class-A bulk distribution properties.
Duke Realty’s most recent projects include a 241,216-square-foot bulk industrial building at 24960 San Michele in the Moreno Valley and a 656,695-square-foot bulk warehouse at 4323 Indian Avenue in Perris. Shortly after construction began on the building at 24960 San Michele, ResMed, a manufacturer of CPAP masks, machines and other products related to sleep-disordered breathing, signed a full building lease. Construction on Duke Realty’s building at 4323 Indian Avenue is underway with completion scheduled for December of this year. Currently the building is available for lease.
“Over the past seven years, we have diligently worked to secure strategic land sites on which to develop, as well as identify quality properties to add to our portfolio through acquisitions,” said Chris Burns, Senior Vice President of Duke Realty’s Southern California operations. “Southern California, while a high-demand industrial market, is also one in which it is challenging to enter and grow. Duke Realty’s commitment to expanding our asset base here and my team’s perseverance in seeking out and securing the best opportunities has resulted in a significant presence here in a relatively short time period.”
In addition to offering more than 650,000 square feet of space, Duke Realty’s spec building at 4323 Indian Avenue will include 36′ clear height, LED lighting, 56′ x 60′ bay spacing, 98 dock doors and 4 drive-thru doors. Outside the building will be parking for 154 automobiles and 278 trailers. The building is designed and is being built for LEED® certification.
“Vacancy in the Inland Empire East continues to be low, especially for buildings in the 600,000-750,000-square-foot range, and new construction is limited,” added Chris. “Our new spec building on Indian Avenue will provide a large block of modern, well-located space in this high-demand market.” According to CBRE, the Inland Empire market totals 511M sf and has a current vacancy rate of 3.6%.
Parties interested in prelease opportunities at 4323 Indian Avenue or other leasing opportunities with Duke Realty in Southern California are invited to contacted Jake Smith, Vice President of Leasing and Development, at 949.797.7043.
About Duke Realty
In Southern California, Duke Realty owns, operates or has under construction more than 10.0 million square feet of industrial properties. Its local office is at 200 Spectrum Center Drive, Suite 1600, Irvine, CA 92618.
On a nationwide basis, 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.