Duke Realty Signs Leases for Greenfield North 1001 Building
Duke Realty Corp. DRE recently announced signing of two new leases in its Greenfield North 1001 building at 1001 North Greenfield Parkway in Garner, NC. Particularly, at this 151,624-square-foot building, the company has a struck a lease deal with an after-market auto body parts provider — Partwerx Automotive — for 29,949 square feet of space. The other lease is with a carpet distributor for 30,478 square feet of space.
Notably, one of the six industrial buildings owned and operated by Duke Realty in Greenfield North Business Park — Greenfield North 1001 — is now majorly leased. In fact, the building now has around 30,468 square feet of space available for lease.
Together with other Greenfield North properties, the above-mentioned building enjoys decent access to I-40, U.S. 70, the I-440 Beltline, downtown Raleigh, RDU Airport and the proposed extension of the Outer Loop (I-540). These varied transportation options are likely to fuel demand for this property.
Therefore, with the 30,468 square feet of space available for lease in Greenfield North 1001, as well as the company’s 29.76 acres available for development in the park that can support two buildings aggregating around 415,000 square feet, Duke Realty remain well poised to capitalize on the improving demand in the market. In fact, Duke Realty already enjoys a solid presence in the Raleigh metro area, owning and managing 2.9 million square feet of industrial properties.
In fact, not only in the Raleigh metro area, but also on an overall basis, the industrial real estate asset category has grabbed attention as high consumer spending, strength in e-commerce market and a healthy manufacturing environment amid recovering economy, as well as job market are boosting demand for the real estate category. This is opening up growth opportunities for industrial REITs, including Prologis, Inc. PLD, Duke Realty, Terreno Realty TRNO and Liberty Property Trust LPT.
Particularly, Duke Realty has resorted to sale of sub-urban office assets and medical-office buildings in the past, in a bid to transform itself into a domestic-focused industrial property REIT. This augurs well amid favorable market environment in the asset class. However, with rising supply of industrial real estate space, there is lesser scope for rent hike. Also, any protectionist trade policies will have an adverse impact on economic growth, as well as the company’s business in the long term.
Duke Realty currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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