The Chicago office of Duke Realty Corporation DRE has entered into a lease agreement for three of its buildings in I-55 submarket of Chicago, comprising around 500,000 square feet. Given the huge demand of quality space in the I-55 submarket, this marks a very significant agreement for the Indianapolis, IN-based real estate investment trust (“REIT”).
Duke Realty is engaged in owning, managing and developing industrial, healthcare and office properties across the nation. As of Mar 31, 2015, the REIT solely or jointly owned 720 industrial, office, medical office and other properties. Of the total assets, 700 (stretching over 147.5 million square feet) are in-service properties and 20 (spanning around 5.4 million square feet) are under development. Again, in the greater Chicago region, Duke Realty owns, manages or has under development 12.2 million square feet of industrial properties.
The latest deal includes an expansion by RTC, Inc., a designer of retail marketing displays, at 335 Crossroads Parkway in Crossroads Business Park. It also involves a new lease with APL Warehouse Logistics Management, Inc., a third-party logistics services provider, for two of its buildings at Crossroads Business Park in Bolingbrook.
Further, a new lease deal, for a 324,115-square foot speculative warehouse, has been inked with Midwest Air Technologies, Inc., a global manufacturing, marketing and distribution company, at 1341 Enterprise Drive. Given the importance of the Chicago market, these deals will likely be accretive for Duke Realty, going forward.
Currently, Duke Realty carries a Zacks Rank #3 (Hold).
Investors interested in the REIT industry may consider stocks like Hudson Pacific Properties, Inc. HPP, Strategic Hotels & Resorts, Inc. BEE and Arbor Realty Trust Inc. ABR. All these stocks sport a Zacks Rank #1 (Strong Buy).
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