Duke Realty Boosts Total Investment in Southern California
$225M in Current Market Investments Includes ~1.1M SF of Development and Lease Activity
The Southern California office of Duke Realty Corporation (NYSE: DRE), the leading domestic only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, announces investment activity in Southern California totaling more than $225 million including a build-to-suit last mile facility, two speculative developments and the pre-leasing of a project currently under construction. Duke Realty’s recent investment activity in Southern California includes:
- 146,000 square foot build-to-suit facility at 6450 Katella Avenue in Cypress, California pre-leased to a global e-commerce retailer
- 528,710 square foot speculative development boasting more than $2 million in Smart Building features at 13131 Los Angeles Street in Irwindale, California currently available for lease
- 120,609 square foot speculative development at 10415 8th Street in Rancho Cucamonga, California currently available for lease
- 290,303 square foot facility under construction at 13344 S. Main Street in Los Angeles pre-leased to a major regional beverage distributor
The planned state-of-the-art industrial facilities are strategically located with convenient access to major freeways and interstates, as well as proximity to the ports of Los Angeles and Long Beach. These projects represent more than $225 million of development activity in Los Angeles, Orange and San Bernardino Counties.
“Duke Realty clients want modern and conveniently located industrial and logistics facilities — the closer to consumers, major trucking thoroughfares and shipping ports the better,” said Chris Burns, executive vice president of West and Central Regions at Duke Realty. “That’s why, for nearly a decade, we have made strategic investments in Tier One coastal markets such as Southern California where we have started more than $1.25 billion in development projects and invested nearly $2 billion. Our development pipeline is aligned with the current activity in the e-commerce industry where demand for distribution space continues to increase.”
Duke Realty remains committed to constructing last mile facilities to accommodate e-commerce needs. The 6450 Katella Avenue project is the re-purposing of a former office headquarters campus and provides a world-class online retailer the modern space and proximity to millions of Southern California consumers helping to meet its tight delivery deadlines. Once complete, the tenant anticipates creating more than 700 jobs mostly full-time employment in the Los Angeles and Orange County submarkets.
Duke Realty is constructing the 13131 Los Angeles Street facility with enhanced sustainability and smart building features on a 24.88-acre site in the San Gabriel submarket. The building will include lighting sensors and controls, smart metering and energy storage systems to ensure energy efficiency. Additionally, the facility will have 40’ clear height, level floors, 73 dock doors, 149 trailer stalls, 261 automobile parking spaces and four grade-level loading doors. The 10415 8th Street project in the Inland Empire West submarket includes 32’ clear height, 12 dock doors, 12 trailer stalls, 85 automobile parking spaces and one grade-level loading door. All buildings are being built to LEED® Silver standards.
”COVID has accelerated the already existing trend of consumers buying online. Accordingly, industrial real estate, where goods are stored for efficient distribution, is experiencing accelerated growth. Tenant demand for functional distribution space is robust and supply is limited” said Nancy Shultz, senior vice president of Duke Realty’s Southern California operations. “At Duke Realty, we specialize in modern facilities designed for logistical efficiency. We currently have more than 15.7 million square feet of space in Southern California with another three million square feet in our development pipeline and more planned expansion.”
For leasing opportunities at these facilities, contact Jake Smith, vice president of leasing and development in Southern California for Duke Realty, via email at firstname.lastname@example.org or Collin Phillips, vice president of leasing and development in Southern California for Duke Realty, via email at email@example.com.
Duke Realty recently announced increased guidance as a result of this development activity and various other transactions in its markets across the country.
About Duke Realty
On a nationwide basis, Duke Realty owns, maintains an interest in or has under development approximately 159 million rentable square feet of industrial assets in 20 major U.S. logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is a member of the S&P 500. More information about Duke Realty is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.
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