INDIANAPOLIS — November 16, 2021 — Duke Realty (NYSE: DRE), the leading domestic-only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, announces that it has acquired* a 63,265-square-foot distribution facility located on 3.2 acres at 468 South Humane Way in Pomona, California. The building, built in 2017, is in Southern California’s highly in-demand San Gabriel Valley submarket and is fully leased to Golden Grove Trading Inc. It serves as a headquarters and distribution center for the manufacturer of garments and gifts.
“Demand is extremely high in the San Gabriel Valley submarket for up-to-date logistics space. The acquisition of this modern, well-appointed logistics facility is the perfect example of our strategy to accelerate our investment activity in in-fill submarkets,” said Isaac Lau, assistant vice president of acquisitions for Duke Realty. “Rent growth at record levels in Southern California makes this a solid investment for our company and adds value for our stockholders.”
“We are fortunate to add this well-located facility to our portfolio and to welcome Golden Grove Trading to our growing tenant roster,” said Nancy Shultz, senior vice president of Duke Realty’s Southern California operations. “Land and space are extremely tight in Southern California — driving vacancy rates to all-time lows and fueling unprecedented rent growth. When we can add existing, yet modern, facilities to our portfolio, it’s always a win for us and our tenants.”
The San Gabriel Valley submarket, where the vacancy rate is below one percent, continues to appeal to companies looking for modern distribution space close to the nearly 15 million residents who live within a 50-mile radius. Duke Realty’s acquisition at 468 South Humane Way boasts 30’ clear height and a 120′ truck court. The building provides immediate access to the I-10, Highway 71 and State Routes 57 and 60. It is also centrally located between the Ports of Los Angeles and Long Beach, LAX and Ontario airports, and the San Bernardino Intermodal Rail Yard.
This acquisition is a continuation of Duke Realty’s strategy of adding modern and conveniently located facilities to meet companies’ warehouse and distribution needs through development and acquisitions. With this addition, Duke Realty’s Southern California portfolio now exceeds 18 million square feet.
*acquisition completed in Q3 2021