Activity includes new leases, renewals and expansions, as well as build-to-suit and spec developments.
The Raleigh office of Duke Realty (NYSE: DRE), the largest domestic-only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, announces that during 2019 it signed 444,851 square feet in leases and started the development of two new buildings. Leasing activity included nine new leases including one for a build-to-suit facility; four renewals; and a renewal and expansion. Its new construction projects included the build-to-suit facility and a speculatively developed building, both of which are being constructed in Duke Realty’s Greenfield North Business Park at I-40 and Highway 70 in Garner, NC, just south of Raleigh
“2019 was very productive year for our team and reflects Duke Realty’s ongoing ability to meet the strong demand for quality logistics space in the Raleigh Durham area,” said Battista Orcino, Vice President of Leasing and Development for Duke Realty in Raleigh. “In our existing 3.1 million-square-foot portfolio, we renewed leases with several of our long-term tenants and met the space needs of several new customers. Our land holdings and our construction capabilities gave us the ability to react quickly to provide a build-to-suit solution for another client with specific needs. We are well-positioned to respond to tenants with immediate space needs in our next spec building in Greenfield North, and we are already receiving interest from a range of prospects.”
Leases signed during the year include:
- Perimeter Park – 20,378-square-foot renewal with Anixter and 20,753-square-foot renewal with ADT
- Walnut Creek – 17,000-square-foot renewal with Border States Industries
- Woodlake – 25,600-square-foot renewal with Forward Air and a new 24,000-square-foot lease with BusiApp
- Greenfield North – a renewal and expansion with Colony Tire for a total of 42,635 square feet and UltraPure for 17,117 square feet, new leases with Mohawk Carpet for a total of 55,968 square feet, Partwerx for 29,949 square feet, Daniel’s Moving for 30,334 square feet, Telerent for 17,000 square feet and Lanter Delivery Systems for 61,117 square feet. In addition, Parksite signed a lease for an 83,000-square-foot build-to-suit facility
The spec building that Duke Realty is constructing is located at 1201 North Greenfield Parkway in Greenfield North Business Park, a master-planned industrial campus located at the interchange of I-40 and U.S. 70 and the proposed extension of I-540. The park is within minutes of downtown Raleigh, RDU International Airport and the I-440 Beltline. Leading companies in the park include Atlantic Tire Distributors, Crown Equipment Corporation, Mattress Firm, the North Carolina Department of Transportation, Mohawk, Butterball and Golden State Foods.
When completed in July 2020, the 165,921-square-foot spec building will include 32′ clear height, 49 dock doors, two drive-in doors and parking for 55 trailers and 165 automobiles.
Parties interested in preleasing 1201 North Greenfield Parkway or other leasing and build-to-suit opportunities in the Raleigh metro area are invited to contact Mr. Orcino at 703.578.7773.
About Duke Realty
In the Raleigh metro area, Duke Realty owns and manages nearly 3.0 million square feet of industrial properties. Duke Realty operates its Raleigh portfolio out of its office located at 2900 S. Quincy Street, Suite 310, Arlington, VA 22206.
On a nationwide basis, Duke Realty Corporation owns and operates approximately 155 million rentable square feet of logistics assets in 20 key U.S. logistics markets. Duke Realty is publicly traded on the NYSE under the symbol DRE and is a member of 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.