Duke Realty Corporation (DRE) is riding high on its industrial portfolio strengthening spree. Recently, the joint venture (JV) of Browning Investments and Duke Realty – Browning/Duke LLC – stated that AllPoints at Anson 7A property in Whitestone, IN is now fully occupied.
Last month, the JV inked a lease deal with Kenco for the remaining 257,030 square feet of space at AllPoints at Anson 7A. This transaction brought the occupancy at the asset to 100%. Previously, in Nov 2013, the JV had leased 342,840 square feet of space of the property to General Nutrition Centers of GNC Holdings, Inc. (GNC), a specialty retailer of health and wellness products.
As a matter of fact, AllPoints at Anson 7A is a warehouse/distribution center and was completed in Jun 2013. The building is situated in AllPoints at Anson, which is one of the largest modern bulk distribution parks in the Indianapolis region. AllPoints at Anson 7A, spanning 599,780 square foot, is conveniently connected to both Indianapolis and Chicago through major transportation networks of the area.
We are encouraged with full occupancy at the AllPoints at Anson 7A within a year of development. The strategic location of the property, excellent interstate access and linkage to major Indianapolis and Chicago regions makes the property attractive for e-commerce companies opting for best warehouse and distribution space.
Of late, Duke Realty seems to be capitalizing on improving the U.S. industrial market fundamentals. Accordingly, most recently, the company disclosed the signing of deals for 1.39 million square feet of space in Coppell and the northwest Dallas region since 2014 commenced (Read: Duke Realty Leases Industrial Space in Dallas). Also, last week, Duke Realty leased industrial building to North Bay Distribution Inc. and ALG Direct Inc. in I-55 submarket and gained solid traction in the Chicago market. Such efforts are poised to boost the internal growth metrics of the company in the near future.
Duke Realty is scheduled to report its second-quarter 2014 results on Jul 31, 2014. The Zacks Consensus Estimate for the same is currently pegged at 29 cents, representing year-over-year growth of 8.15%.
Duke Realty presently sports a Zacks Rank #2 (Buy). Investors interested in the REIT industry may also consider stocks like Aviv REIT, Inc. (AVIV) and FelCor Lodging Trust Incorporated (FCH). Both stocks carry a Zacks Rank #1 (Strong Buy).
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