(Conshohocken, Penn. – Aug. 18, 2015) Duke Realty Corp. (Duke Realty), a leading nationwide REIT (Real Estate Investment Trust) specializing in the ownership, management and development of bulk industrial facilities, has expanded its Pennsylvania industrial portfolio by acquiring West Hills Building B, a 232,655-square-foot, warehouse-distribution building that is 100 percent preleased to NFI Distribution. Located at 9866 West Hills Court in Kutztown, West Hills Building B was completed in May 2015.
Duke Realty’s newest Pennsylvania property is located in West Hills Business Center, a 230-acre industrial park located in the Lehigh Valley at I-78 and PA 863. West Hills Building B is adjacent to West Hills Building A, a 980,000-square-foot, 100 percent leased bulk warehouse that Duke Realty also owns. The acquisition of West Hills Building B brings Duke Realty’s Pennsylvania portfolio to 4.7 million square feet.
“The acquisition of this top-quality building is in alignment with Duke Realty’s focus on top- quality industrial assets in Pennsylvania and other strong distribution markets,” said Jeff Palmquist, Senior Vice President of Duke Realty’s Northeast region. “This purchase also is reflective of our desire to grow our presence in the Lehigh Valley because of its superior interstate access, strong labor base and access to densely populated areas, including New York, New Jersey, Philadelphia and Baltimore.”
In addition to the acquisition of West Hills Building B, Duke Realty recently announced the development of a new 1.1 million-square-foot, modern bulk industrial building in the Lehigh Valley. Building One at the 33 Logistics Park at Chrin Commerce Centre, is being built on Van Buren Road just off Route 33 at the new four-way diamond interchange at Main Street. The speculatively built warehouse is slated for delivery in late 2015 or early 2016.
About Duke Realty
Duke Realty’s Northeast region includes more than 9.4 million square feet of industrial properties in Pennsylvania, New Jersey, Delaware and Maryland. Its local office is located at Eight Tower Bridge, 161 Washington Street, Suite 1020, Conshohocken, Penn., 19428.The phone number is 484.533.6500.
On a nationwide basis, Duke Realty owns, maintains an interest in or has under development approximately 142 million rentable square feet of industrial and office assets, including medical office, in 22 major U.S. metropolitan areas. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty is available at www.dukerealty.com. More information about Duke Realty Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.