Per bizjournals.com, Duke Realty Corporation DRE has broken ground on West Palm Beach for a 2-building industrial project. The two buildings, situated east of Florida’s Turnpike Crossing at Jog Road, are expected to add value to the Indiana-based commercial real estate investment trust’s (“REIT”) Class A portfolio.
As revealed, Duke Realty will construct two buildings, covering 122,400 square feet and 102,850 square feet of area, separately. No pre-lease agreements have been signed for these two buildings. Further, each of these buildings will provide minimum clear height of 32 foot and 50 foot-by-50 foot dock bays. Of the two buildings, the larger will have 41 dock doors, while the smaller will include 34 dock doors.
Duke Realty is engaged in owning, managing and developing industrial, healthcare and office properties across the U.S. Notably, there is high demand for distribution space in the South Florida area, particularly in Palm Beach County. On the other hand, supply of space with modern facilities is scant. Given this backdrop, breaking ground in the Palm Beach County is likely to 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 Gramercy Property Trust Inc. GPT, Paramount Group, Inc. PGRE and American Tower Corp. AMT. While both Gramercy Property Trust and Paramount Group sport a Zacks Rank #1 (Strong Buy), American Tower Corporation holds a Zacks Rank #2 (Buy).
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
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