WESTON, Florida — August 24, 2021 — 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, has entered into a long-term lease agreement with a consumer products company for 61,191 square feet of logistics space in Building 2, a 221,984-square-foot facility within Miami 27 Business Park. Building 2 at 10310 NW 121st Way is still under construction and scheduled for completion in September 2021.
“We moved forward with Miami 27 Business Park and its two speculative developments in order to gain a competitive edge in the market and even before we have completed our facilities, we have garnered strong client interest and secured lease agreements for space,” said Stephanie Rodriguez, senior vice president of Duke Realty’s Florida Region. “Duke Realty’s in-service portfolio in South Florida is currently 99 percent leased and our Miami properties are 100 percent leased — proving that the demand for modern, convenient logistics space, especially large distribution warehouses is still there.”
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. In May 2021, Duke Realty announced it had started construction of Building 1 of Miami 27 Business Park, a 501,224-square-foot facility on 23.3 acres at 10300 NW 121st Way in Medley, Florida. Building 1 is scheduled for completion in fall 2021. Both facilities at Miami 27 Business Park are being built to LEED® certification standards.
“Our sustainably-designed, tenant-friendly developments boast technology and innovation that helps improve operating efficiency and lower the cost of doing business for our tenants,” said Rodriguez. “That’s why our facilities are highly desirable to companies looking for space.”
Brian Smith with JLL represented the tenant in its lease while Duke Realty was represented by listing agent Erin Byers with Colliers International South Florida and David Loudenslager, Duke Realty’s vice president of leasing and development in South Florida.