INDIANAPOLIS, March 16, 2021 (GLOBE NEWSWIRE) — Duke Realty Corporation (NYSE: DRE, or the “Company”), the largest domestic-only logistics REIT, today announced eight (8) new development transactions since the start of the first quarter 2021. The projects total 3.7 million square feet with total costs of $373 million that are 58% pre-leased in the aggregate, comprised of:
- A 655,000 square foot build-to-suit project in the city of Chicago on an in-fill, rail-served site for a large, repeat customer in the home improvement and building supplies sector. The facility is located inside the Interstate 294 beltway and within close proximity to Interstate 55 and Midway Airport.
- A 1.2 million square foot build-to-suit project in the Chicago MSA for Wayfair, Inc. The facility will be located at the Company’s Airport Logistics Center in Romeoville, IL, with excellent access to Interstates 55, 355 and 80.
- A 300,000 square foot speculative development in the Chicago MSA on a rail-served site that involved the demolition of a previous structure. The in-fill facility is located in Bellwood, IL, inside the Interstate 294 beltway with access to Interstate 290 and close proximity to one of the largest Union Pacific rail yards in the country.
- A 317,000 square foot build-to-suit project for an A-rated, not-for-profit healthcare system, and a 239,000 square foot speculative project in Atlanta. These facilities will be located within the Company’s sixteen building, in-fill, 5.7 million square foot Camp Creek Business Center located near Hartsfield Airport and adjacent to Interstate 285.
- A three-building in-fill speculative project totaling 163,000 square feet in Southern California in the South Bay submarket, located within close proximity to Interstate 405 and the Long Beach Airport.
- A 347,000 square foot speculative development in the Northern California Central Valley submarket located adjacent to Interstate 5.
- A 501,000 square foot speculative development in the Miami Medley submarket at the Company’s in-fill located Miami 27 Park, adjacent to a 222,000 square foot project already under construction.
“As I indicated on our last earnings call, our build-to-suit prospect list was looking very strong and we’re pleased to announce this transaction activity located in coastal Tier 1 markets, as well as in-fill sites in other Tier 1 markets,” said Jim Connor, Duke Realty chairman and CEO. “The credit goes to our best-in-class regional operating teams for executing these developments with major national customers, including repeat business transactions.
All these new development starts are expected to obtain LEED certification, contribute to earnings growth beginning in early 2022 and should realize significant value creation. The funding for the projects will be sourced from previously announced expectations for 2021 asset sales that will be substantially completed in the first half of this year.”
About Duke Realty Corporation
Duke Realty Corporation owns and operates approximately 159 million rentable square feet of industrial assets in 20 major logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is a component of the S&P 500 Index. More information about Duke Realty Corporation is available at www.dukerealty.com.
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