(Irvine, CA – September 24, 2018) The Southern California office of Duke Realty (NYSE: DRE), the leading domestic-focused industrial property REIT (Real Estate Investment Trust) in the country, announces that it is constructing a new, 340,010-square-foot, build-to-suit logistics facility at the intersection of Nandina Avenue and Perris Boulevard in the Moreno Valley. Duke Realty acquired and received full entitlement on the 14.42-acre parcel earlier this year and will begin construction in October. Delivery of the building, which will have the address of 24921 Nandina Avenue, is slated for September 2019.
“We are excited to expand Duke Realty’s portfolio in the Inland East submarket, particularly in this high-demand section where users benefit from an excellent labor pool and large blocks of space with logistics advantages comparable to Los Angeles and Orange County, but at more favorable pricing,” said Chris Burns, Senior Vice President of Duke Realty’s Southern California operations. “To date in the area east of I-215 and adjacent to and south of March Air Reserve Base, our Southern California team has successfully developed and leased two buildings totaling more than 3.0 million square feet; started construction of two spec buildings totaling 906,000 square feet, one of which is 100 percent preleased; and acquired another parcel that will support the development of a 795,000-square-foot facility in addition to the Nandina Avenue building. We are pleased with our development and leasing activity so far and look forward to being able to meet other users’ space requirements.”
Duke Realty’s plans for its building on Nandina Avenue call for 36′ clear height, 9,000 square feet of office space, 56′ x 60′ bay spacing, 40 dock doors and two drive-in doors. Outside the building will be a 185’ truck court and parking for 53 trailers and 147 cars.
Duke Realty entered the Southern California market in 2011 and has grown its portfolio through development on strategic land sites and through quality acquisitions. Today the company owns, manages or has under development nearly 10.5 million square feet of logistics properties. Recently the company was recognized by the Orange County Business Journal as the top-ranked Best Place to Work among large companies.
Parties interested in leasing and development opportunities with Duke Realty in Southern California, including the prelease of its 244,000-square-foot building under construction at 24960 San Michele Road, are invited to contact Jake Smith, Vice President of Leasing and Development, at 949.797.7043.
About Duke Realty
In Southern California, Duke Realty owns, operates or has under construction nearly 10.5 million square feet of industrial properties. Its local office is at 200 Spectrum Center Drive, Suite 1600, Irvine, CA 92618.
On a nationwide basis, Duke Realty Duke Realty Corporation owns and operates approximately 150 million rentable square feet of industrial assets in 20 key U.S. logistics markets. Duke Realty is publicly traded on the NYSE under the symbol DRE and is listed on 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.