(Irvine, CA – May 1, 2017) The Southern California office of Duke Realty Corporation (Duke Realty), a leading nationwide REIT (Real Estate Investment Trust) specializing in the ownership, management and development of quality industrial facilities, announces that the company has acquired four, new industrial buildings totaling 751,936 square feet, raising its portfolio in the market to 6.1 million square feet.
The purchased properties include:
9189 Utica Avenue Rancho Cucamonga Inland Empire West 156,900 SF
9988 Redwood Avenue Fontana Inland Empire West 214,431 SF
7953 Cherry Avenue Fontana Inland Empire West 182,919 SF
1589 E. 9th Street Pomona San Gabriel Valley 197,685 SF
Three of the four state-of-the-art properties were delivered in 2016 and are 100% leased to single tenants. The 7953 Cherry Avenue building was recently completed and leased shortly after closing to a strong-credit food distribution user making the portfolio acquisition 100% leased.
“This acquisition is another step in Duke Realty’s ongoing strategy to increase its investment in key distribution markets through existing building acquisitions and land development,” said Chris Burns, Senior Vice President of Duke Realty’s Southern California operations. “Southern California continues to be the leading industrial market in the United States, and the properties in this acquisition are all well located in core submarkets, making them excellent additions to our local portfolio.”
“All of these new properties fit very well within their respective submarkets and are in great locations with immediate access to main travel arteries, including I-10 and I-15, and proximity to the port,” added Burns. “Additionally, vacancy in these submarkets is very low, with limited land available for new development, so there was strong interest among purchasers. We are pleased that we were able to complete this acquisition and expand our portfolio with these new Class A properties.”
CBRE National Partners represented the seller in the transaction. Duke Realty was self-represented.
Parties interested in leasing space or development opportunities are invited to contact Jake Smith, Vice President, Leasing and Development for Duke Realty, at 949.797.7043. To discuss other acquisition opportunities in the Western Region, please contact Paul Jones, Duke Realty’s Vice President of Acquisition and Dispositions, at 949.797.7030.
About Duke Realty
The Southern California office of Duke Realty owns and operates more than 27 million square feet of industrial properties in the western United States, including more than 6.1 million square feet in Southern California. Duke Realty’s West Region office is located at 200 Spectrum Center Drive, Suite 1600, Irvine, Calif., 92618. The phone number is 949.797.7000.
On a nationwide basis, Duke Realty Corporation owns and operates approximately 142 million rentable square feet of bulk distribution and medical office real estate in 21 major U.S. metropolitan areas. Duke Realty is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. 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.