The Southern California office of Duke Realty Corp. is developing two new warehouses in the Inland Empire East submarket totaling 897,911 square feet. That development will bring the company’s total industrial portfolio in the market to more than 10 million square feet.
Duke Realty entered the Southern California market in 2011 and, since that time, has grown its portfolio through development and acquisitions to include more than 30 well-located, class-A bulk distribution properties.
Duke Realty’s most recent projects include a 241,216-square-foot bulk industrial building at 24960 San Michele in the Moreno Valley and a 656,695-square-foot bulk warehouse at 4323 Indian Avenue in Perris. Shortly after construction began on the building at 24960 San Michele, ResMed, a manufacturer of CPAP masks, machines and other products related to sleep-disordered breathing, signed a full building lease. Construction on Duke Realty’s building at 4323 Indian Avenue is underway with completion scheduled for December of this year. Currently the building is available for lease.
“Over the past seven years, we have diligently worked to secure strategic land sites on which to develop, as well as identify quality properties to add to our portfolio through acquisitions,” said Chris Burns, Senior Vice President of Duke Realty’s Southern California operations. “Southern California, while a high-demand industrial market, is also one in which it is challenging to enter and grow. Duke Realty’s commitment to expanding our asset base here and my team’s perseverance in seeking out and securing the best opportunities has resulted in a significant presence here in a relatively short time period.”
In addition to offering more than 650,000 square feet of space, Duke Realty’s spec building at 4323 Indian Avenue will include 36′ clear height, LED lighting, 56′ x 60′ bay spacing, 98 dock doors and 4 drive-thru doors. Outside the building will be parking for 154 automobiles and 278 trailers. The building is designed and is being built for LEED® certification.
“Vacancy in the Inland Empire East continues to be low, especially for buildings in the 600,000-750,000-square-foot range, and new construction is limited,” added Chris. “Our new spec building on Indian Avenue will provide a large block of modern, well-located space in this high-demand market.” According to CBRE, the Inland Empire market totals 511M sf and has a current vacancy rate of 3.6%.
On a nationwide basis, Duke Realty Duke Realty owns and operates approximately 149 million rentable square feet of industrial assets in 20 key U.S. logistics markets.