(Raleigh, NC ‒ June 3, 2019) Duke Realty Corporation (NYSE: DRE), the leading domestic-focused logistics property REIT (Real Estate Investment Trust) in the United States, announces that it has executed a long-term lease agreement for an 83,000-square-foot, build-to-suit warehouse with Parksite, Inc., a marketer and distributor of building materials to dealers and fabricators in the commercial and residential construction industry. The building, which is being built on a 7.06-acre parcel at 1100 N. Greenfield Parkway, is the eighth building in Greenfield North Business Park located just off the I-40/Highway 70 interchange in Garner, NC. Delivery is expected in July 2020.
“We are pleased Parksite, an established and growing company with operations in 19 different markets, selected Duke Realty and Greenfield North for this new facility,” said Battista Orcino, Vice President of Leasing and Development for Duke Realty in Raleigh, Baltimore and Washington, DC. “This new building will be delivered to their exact specifications plus have adjacent acreage for outdoor storage or expansion. They’ll also benefit from Greenfield North’s superior highway access which will enable them to deliver products to their customers quickly.”
Greenfield North Business Park is a master-planned industrial campus located at the interchange of I-40 and U.S. 70 and the proposed extension of I-540. The park, which is the only rail-served industrial park in the Raleigh area, is within minutes of downtown Raleigh, RDU International Airport and the I-440 Beltline. Leading companies in the park include Atlantic Tire Distributors, Crown Equipment Corporation, Mattress Firm, the North Carolina Department of Transportation, Mohawk, Butterball and Golden State Foods.
Duke Realty still has two sites available for development in Greenfield North Business Park. Infrastructure is already in place, and one of the sites will be made pad-ready while Duke Realty works on Parksite’s new build-to-suit facility.
Matthew Stauber with Colliers represented Parksite in the transaction, while listing broker Jackson Rives with Foundry Commercial and Mr. Orcino represented Duke Realty.
Parties interested in build-to-suit or prelease opportunities on the remaining land in Greenfield North are invited to contact Mr. Orcino at 703.578.7773.
About Duke Realty
In the Raleigh metro area, Duke Realty owns and manages 3.0 million square feet of industrial properties. Duke Realty operates its Raleigh portfolio out of its office located at 2900 S. Quincy Street, Suite 310, Arlington, VA 22206.
On a nationwide basis, Duke Realty Corporation owns and operates approximately 156 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.
Founded in 1971 by John Morrisroe and Ray Biggins, Parksite is 100% employee-owned. According to Ron Heitzman, CEO, “Our commitment has been, and will always be, to create demonstrable value for our customers, suppliers and shareholders. Growth and sustainability are important to all of our stakeholders, and we will deliver both.” Nationally, with the recent acquisition of Atlantic Plywood Corporation, Parksite has 19 locations and over 650 employee-owners. More information about the company and its products is available at www.parksite.com & www.atlanticplywood.com.