WESTON, Florida — March 29, 2022 — The South Florida office of Duke Realty Corporation (NYSE: DRE), the leading domestic only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, secured a long-term lease agreement with FedEx Ground, a leader in cost-effective package ground shipping, for a new facility, at Miami 27 Business Park 10300. The company announced the start of the 501,224-square-foot speculative development at 10300 NW 121st Way in Medley, Florida in May 2021. The building is now 100 percent leased to FedEx Ground, making it the largest lease deal for Duke Realty’s South Florida office.
“Miami 27 was a speculative development designed and developed to give Duke Realty the edge in a highly competitive South Florida industrial market with a vacancy rate of approximately 2.6 percent,” said Stephanie Rodriguez, senior vice president of Duke Realty’s Florida region. “Our investment paid off with prelease deals and lease agreements that have ensured Miami 27 will be 100 percent leased for several years to come.”
Duke Realty’s Miami 27 Business Park is a two-building development in Medley, Florida adjacent to U.S. Highway 27, with convenient connectivity to the Florida Turnpike, I-75, and State Road 826, a roadway that provides direct access to the cargo area of Miami International Airport. Miami 27 Business Park 10300 sits on a 23.3-acre site within the 34.9-acre Business Park. In August 2021, Duke Realty announced it preleased Miami 27 Business Park 10310, a 221,984-square-foot facility at 10310 NW 121st Way. Both facilities were built to LEED® certification standards — meeting requirements for environmentally sustainable construction and site development, water savings, energy efficiency and construction waste management.
“The demand for ideally-located space is high across the country,” said David Loudenslager, Duke Realty’s vice president of leasing and development in South Florida. “Duke Realty’s advantage is our newer portfolio with modern amenities that incorporate innovative technology. By working with our broker partners, we can match their clients’ needs and turn them into long-term Duke Realty tenants.”
Duke Realty was represented by Erin Byers and Steven Wasserman with Colliers International and Loudenslager in lease negotiations.