Duke Realty Acquires Fully Leased, 766,000 SF Logistics Facility in Inland Empire West Submarket
Company’s Southern California portfolio grows to 17M SF with purchase of modern distribution building occupied by Toyo Tires
Duke Realty announces that it has acquired a 766,235-square-foot logistics facility located at 2151 Vintage Avenue in Ontario, CA. The building, which is in Southern California’s Inland Empire West submarket, is fully leased to Toyo Tire Holdings of America, a subsidiary of Toyo Tire Corporation, one of Japan’s largest tire manufacturing companies.
“This acquisition gives Duke Realty another modern, well-appointed logistics facility in the high-demand Inland Empire West submarket and is consistent with our strategy of growing our portfolio in high-barrier-to-entry Tier 1 markets,” said Mark Crawford, vice president and head of acquisitions for Duke Realty. “Southern California continues to be an area of focus for us because of its potential to provide strong rent growth and solid value for our stockholders.”
“We are fortunate to add a building of this caliber to our portfolio and to welcome Toyo Tires, a well-known, high-quality tenant to Duke Realty,” said Nancy Shultz, senior vice president of Duke Realty’s Southern California operations. “Existing logistics buildings that offer this functionality in the 500,000 to 1 million-square-foot range are in very short supply throughout the Southern California markets and have become increasingly difficult to build due to land constraints.”
The Inland Empire West submarket continues to appeal to companies looking for modern distribution space close to the nearly 15 million residents who live within a 50-mile radius. Vacancy is currently below 1.5 percent.
In addition to its size, Duke Realty’s new building at 2151 Vintage Avenue boasts 30’ clear height and a 180' truck court. The building also provides immediate access to the I-60, I-15 and I-10.
This acquisition is a continuation of Duke Realty’s strategy of adding modern and conveniently located facilities to meet companies’ warehouse and distribution needs through development and acquisitions. With the addition of 2151 Vintage Avenue, Duke Realty’s Southern California portfolio now exceeds 17 million square feet.
About Duke Realty
Duke Realty owns, maintains an interest in or has under development approximately 163 million rentable square feet of industrial assets in 19 major U.S. logistics markets. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is a component of the S&P 500. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.
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