Duke Realty Corporation (DRE) inked a new deal with B&G Foods Inc. (BGS) for leasing 445,942 square feet of space in Park 840 Logistics Center Building 653. With the transaction, this Lebanon-based property is now fully leased.
As a matter of fact, B&G Foods along with its subsidiaries manufactures and distributes premium, branded shelf-stable food and household products across the U.S. The company will occupy 68% of Park 840 Logistics Center building.
Positioned at 14840 Central Pike, Park 840 Logistics Center stretches 653,360 square feet and is a high-quality bulk warehouse facility. The property is located just off I-840 and provides scope of deliveries to 50% of the U.S in a day’s drive, owing to strong transportation networks. Apart from B&G Foods, Nutro Company occupies the rest of Park 840 Logistics Center.
We are encouraged with full occupancy at the Park 840 Logistics Center. The strategic location of the property, excellent interstate access and linkage to the rest of the U.S. makes the property attractive for the companies opting for best bulk warehouse space.
Of late, Duke Realty seems to be capitalizing on improving the U.S. industrial market fundamentals through portfolio-expansion activities. Accordingly, last week, the company disclosed a new industrial development on an 18.1 acre site at 1341 Enterprise Drive in I-55 submarket in Romeoville (Read: Duke Realty Boosts Industrial Assets, Develops New Property). Such efforts are poised to boost the internal growth metrics of this real estate investment trust (REIT) in the near future.
Duke Realty currently carries a Zacks Rank #3 (Hold). Investors interested in the REIT industry may also consider stocks like W. P. Carey Inc (WPC) and Government Properties Income Trust (GOV). Both stocks carry a Zacks Rank #1 (Strong Buy).
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