WESTON, Florida — May 10, 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, breaks ground on a speculative development totaling 501,224 square feet of logistics space. The planned project is the second of two distribution facilities in Duke Realty’s Miami 27 Business Park in Medley, Florida. The development is immediately 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.
“Duke Realty is seeing continued demand for modern, convenient logistics facilities, especially for large blocks of distribution space, in South Florida where our in-service portfolio is currently 99 percent leased and our Miami properties are 100 percent leased,” said Stephanie Rodriguez, senior vice president of Duke Realty’s Florida Region. “By moving forward with this speculative development, we gain the competitive advantage of delivering a state-of-the-art logistics facility to a South Florida submarket that currently has a very limited supply of newer, larger industrial space.”
Duke Realty has 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 will offer a clear height of 36 feet, 53 dock doors and four drive in doors, with capacity of up to 108 overhead door positions, 335 parking spaces and 112 trailer spaces. The facility is being built to LEED® certification standards.
“Duke Realty is committed using thoughtful, sustainable practices in its developments — creating beneficial opportunities for our clients and the communities we serve.” said Rodriguez. “Our recent investments in South Florida have increased our in-service or under-construction space to 9.3 million square feet in the market and we continue to look for future growth opportunities.”
Duke Realty’s Miami 27 Business Park was planned as a two-building development. Building 2 of Miami 27 Business Park, a 221,984-square-foot facility at 10310 NW 121st Way, is under construction, scheduled to be complete in July 2021 and is 72 percent pre-leased.
This activity was among various developments announced as part of the company’s first quarter 2021 activity.