Duke Realty Corporation DRE has been witnessing robust demand for its properties in Greenfield North Business Park, a master-planned industrial campus in Garner, N.C. The company’s existing buildings in the park are fully leased, and Duke Realty is now constructing its eighth building, Greenfield North 1201, on a speculative basis there.
This new 165,921-square-foot bulk warehouse is expected to be completed in July 2020.The property will feature 32′ clear height, 50′ x 50′ column spacing, 30 – 9′ x 10′ dock doors and two 12′ x 14′ drive-in doors. Moreover, outside the building there will be a 120′ truck court and parking for 96 trailers and 129 automobiles.
Enhancing its property base in the Greenfield North Business Park is beneficial for a domestic pure-play industrial REIT like Duke Realty, as it is located at the interchange of I-40 and U.S. 70 and the proposed extension of I-540. Further, it is the only rail-served industrial park in the Raleigh area, and is close to RDU International Airport and the I-440 Beltline. Therefore, with high-quality warehouse space and superior highway access, the buildings in this park grab a lot of attention from tenants in need of warehouse/distribution space.
In fact, Raleigh has emerged as a strong industrial market for Duke Realty. The company already enjoys a solid presence in the Raleigh metro area, with 2.9 million square feet of industrial properties.
The company’s latest expansion move makes it well poised to meet clients’ immediate space needs. Furthermore, it has 10.87 acres of space available for development in Greenfield North Business Park, which can support the construction of a 136,400-square-feet building.
Duke Realty is also experiencing strong demand in Southern California.
Overall, e-commerce boom, resilient consumer sentiment, low unemployment level and rising wages are driving the industrial and logistics sector’s healthy performance. Also, services like same-day delivery are gaining traction and last-mile properties in high-income urban areas are witnessing solid pricing, occupancy and growth in rentals. This looks promising for REITs like Duke Realty, Prologis Inc. PLD, Terreno Realty Corporation TRNO and Rexford Industrial Realty, Inc. REXR.
Shares of this Zacks Rank #2 (Buy) company have rallied 34.2%, outperforming the industry's growth of 20.7% in the year-to-date period. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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