Duke Realty Inks Full-Building Lease in Raleigh
- Jun 09, 2020
Duke Realty Corp. has landed a new tenant at one of its industrial buildings in Morrisville, N.C. Digital graphics producer Circle Graphics has signed a lease for the entirety of Woodlake 501, the logistics REIT’s 153,990-square-foot warehouse.
Located at 501 Innovation Ave., the distribution facility was built with tilt-up concrete construction and offers 28-foot clear heights, eight dock-high doors, 260 parking spaces, and ESFR sprinkler systems. Woodlake 501 also includes a two-story office and a glass storefront that runs across the front of the building. The warehouse is one of seven Class A buildings in Woodlake Center, Duke Realty’s 812,000-square-foot master-planned distribution park. The industrial properties in Woodlake Center range from 48,000 square feet to 175,951 square feet and include tenants like Spectrum and Snyder’s of Hanover.
Battista Orcino, Duke Realty’s vice president of leasing and development, said in prepared remarks that Circle Graphics will be replacing another full-building tenant whose lease is expiring soon, allowing the property to maintain a 100 percent occupancy rate.
David Halter, executive vice president of operations for Circle Graphics, said Woodlake 501 fit all the criteria of having convenient highway access and functional space for its operations. The property is roughly a mile away from both Interstates 40 and 540 and near the Raleigh-Durham International Airport and the metro’s Research Triangle neighborhood.
Colliers International’s Lee Holder and Chris Wiley represented Circle Graphics, while Cushman & Wakefield’s Larry Lakins, Hunter Willard and Andrew Young marketed the property.
Meeting industrial demand
In North Carolina, Duke Realty is also constructing a 165,921-square-foot bulk warehouse, with an expected delivery in July, as the eighth property in its Greenfield North Business Park. The project also includes a 10.87-acre site that allows for the construction of a 136,454-square-foot building. In the Raleigh metro area, the REIT owns and manages more than 3.2 million square feet of industrial properties.
Throughout the country, Duke Realty has more than 156 million square feet of industrial assets in 20 U.S. markets. In Pennsylvania, the company has nearly completed Central Logistics Park 100, a 615,600-square-foot build-to-suit project for a wholesale tire distributor in Lehigh Valley.