(Irvine, Cal. – Sept. 20, 2016) The Southern California office of Duke Realty Corporation (Duke Realty), a leading nationwide REIT that owns and operates 7.9 million square feet of industrial properties in the western United States, including more than 4.8 million square feet in Southern California, announces that it has purchased 22.67 acres of land in La Mirada, California, for future development. The land is located directly north of Duke Realty’s 497,620-square-foot building at 16501 Trojan Way in the Mid-Counties submarket just off I-5. Preliminary layouts show an approximate 475,000-square-foot, cross-dock building with parking for 331 automobiles and 83 trailers.
“We are pleased with this land purchase because it provides us with an excellent site in a high-demand distribution market on which we can further demonstrate our strong development capabilities,” said Chris Burns, Senior Vice President of Duke Realty’s Southern California operations. “Not only is this land ideally located for warehouse/distribution clients due to its freeway access, proximity to the port and diverse labor availability, the parcel gives us the ability to own two buildings adjacent to one another which would be attractive to tenants seeking a large concentration of space or campus layout.”
Duke Realty’s new La Mirada development site has excellent access to I-5 via three full diamond interchanges and is in close proximity to the 605, 105, 91 and 22 freeways.
“This submarket continues to be in high demand because of its highway and port access,” added Burns. “Additionally, vacancy in this submarket is around one percent, with a limited amount of land available for new development and very little supply delivered in recent years, so there was strong interest among purchasers. We consider ourselves fortunate to be awarded this site.”
The La Mirada land purchase is the third transaction Duke Realty has announced recently to expand its Southern California portfolio. In August, the company announced the development of two speculative industrial buildings ‒ a 201,027-square-foot logistics facility in Lynwood and a 400,936-square-foot industrial building in Moreno Valley.
Parties interested in build-to-suit development on Duke Realty’s La Mirada parcel are invited to contact Jake Smith, Vice President of Leasing & Development, at 949.797.7043 or email@example.com.
About Duke Realty
Duke Realty Corporation specializes in the ownership, management and development of bulk distribution and medical office real estate. The company owns and operates approximately 137 million rentable square feet 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. More information about Duke Realty Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.
Duke Realty’s West Region office is located at 300 Spectrum Center Drive, Suite 1450, Irvine, Calif., 92618. The phone number is 949.797.7000.