Acquisition of fully leased, 497,620-square foot bulk warehouse increases Indianapolis-based REIT’s properties in busy distribution market.
(Indianapolis, Ind. – June 19, 2012) Duke Realty Corporation (Duke Realty), a leading owner, manager and developer of industrial, medical office and industrial properties, has acquired Trojan Way, a 497,620-square Class A bulk industrial building in La Mirada, California, continuing the execution of its strategy to increase its investment in Class A, well-leased modern industrial assets in strong distribution markets.
This acquisition is the third industrial purchase that Duke Realty has made in Southern California since June 2011, raising its total industrial portfolio in the market to more than 1.1 million square feet and more than 109 million square feet nationwide. The building, which is located at 16501–16509 Trojan Way in Orange County, is 100 percent leased to two tenants under long-term agreements.
“The acquisition of Trojan Way is consistent with our strategy to increase our investment in core industrial assets in Tier 1 markets and is a solid addition to our portfolio,” said Dennis D. Oklak, Chief Executive Officer of Duke Realty. “This state-of-the-art building is located in the Mid-Counties submarket, one of the strongest industrial markets in Southern California, and is well-served by seven major highways. The Ports of Los Angeles/Long Beach are approximately 18 miles away and two international airports are within 22 miles. Plus, the facility serves as a strategic distribution facility for two leading companies with long-term lease agreements.”
Trojan Way, which was built in 2002, is a cross-docked facility with 32–34’ clear height. The facility includes 80,865 square feet of office space, parking for 577 cars, 89 dock-high doors, and three drive-in doors and has 130’ deep truck courts at the north and south ends of the building.
About Duke Realty
Duke Realty owns and operates approximately 139 million rentable square feet of industrial and office assets, including medical office, in 18 major U.S. cities. Duke Realty Corporation 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 is available at www.dukerealty.com.