OAKLAND, Calif. — February 22, 2021 — The Northern California office of Duke Realty (NYSE: DRE), the leading domestic-only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, announces the acquisitions of two recently upgraded industrial facilities in Oakland, 17.4 acres of land in San Jose and 7.9 acres of land in Richmond with plans to redevelop the two sites. The company also announces plans for a 346,860-square-foot speculative development on a 19.8 acre site in Lathrop. Once the projects are complete, Duke Realty’s Northern California portfolio will total more than four million square feet of space.
“Duke Realty continues to invest heavily in coastal markets, specifically on the West Coast, where there is a need for state-of-the-art industrial space and opportunities for infill redevelopment,” said Drew Hess, senior vice president and market leader for Duke Realty’s Northern California and Seattle operations. “Our customers want modern, convenient facilities close to ports, highways and consumers.”
Strategically located in the Oakland/East Bay, Silicon Valley and Central Valley submarkets, the sites have convenient access to major highways, minutes from the Ports of Oakland and Richmond and proximity to Union Pacific and BNSF railways. Most importantly, the projects will be within 60 minutes’ drive time to more than ten million consumers.
Duke Realty recently purchased two adjacent facilities less than three miles from the Port of Oakland and downtown Oakland — 955 Kennedy Street has 119,000 square feet of space and 1905 Dennison Street has 168,489 square feet of space. The company also acquired the 17.4 acre site at 5853 and 5863 Rue Ferrari in San Jose with plans to redevelop the site and build a 302,775-square-foot facility. The planned development will have convenient access to Highway 101 and Highway 85 and sits just ten miles from downtown San Jose. Duke Realty also acquired 7.9 acres at 731 West Cutting Boulevard in Richmond adjacent to I-580 and along Richmond Parkway, a key trucking route that leads west to Marin, north to I-80 and south to I-880. The company plans to redevelop the site and build a 150,120-square-foot distribution facility.
Additionally, Duke Realty has proposed a 346,860-square-foot speculative development on 19.8 acres at 16825 Murphy Parkway in the highly desirable Central Valley. Not only will the planned development be within one mile of I-5, but it will also be minutes from Union Pacific and BNSF intermodal facilities and 60 miles from the Port of Oakland. Duke Realty will seek LEED® certification for all of its planned developments.
“Duke Realty’s investment and acquisition strategy aligns with our customers’ demands for updated facilities and convenient locations,” said Michael Chukwueke, vice president, acquisitions and development for Duke Realty. “As we continue to see low vacancy rates in Northern California, a strategic growth market for Duke Realty, we will pursue infill locations where we can redevelop and provide tenants with the best-in-class facilities we are known for.”
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 component 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.