Duke Realty Adds SoCal Development Site for $77M
By Greg Cornfield August 3, 2022 5:10 pm
reprints
Duke Realty — the REIT recently acquired by Prologis (PLD) in a landmark $26 billion merger — is still in expansion mode.
The Indianapolis-based firm bought a 10.7-acre site in Southern California for $77.2 million, and could redevelop the site as a Class A industrial project. The property in Orange County’s Los Alamitos includes multitenant buildings on eight parcels near the intersection of Katella Avenue and Bloomfield Street.
Don Wilson Builders sold the property. Cushman & Wakefield (CWK)’s Kyle McGillen and Rick Ellison represented the buyer and announced the deal.
“This industrial site is strategically located on the border of Los Angeles and Orange County, convenient to the busiest port complex in North America, an extensive freeway network, two major airports and a massive population center,” the brokerage team said in a statement.
Duke Realty did not immediately respond to a request for comment.
Orange County maintained a tight vacancy rate of 1.5 percent in the second quarter, according to Cushman & Wakefield’s latest industrial market report. New leasing activity totaled 2.6 million square feet, about 18 percent higher than the first quarter.
“The Orange County/Greater Los Angeles industrial markets remain very tight and occupiers continue to seek out well-located industrial space,” McGillen said.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
