Duke Realty Inks Major Inland Empire Lease
- May 18, 2020
Duke Realty Corp. has signed a full-building lease with an undisclosed tenant for its upcoming logistics development in the Inland Empire. Construction on the property at 4501 Patterson Ave. in Perris, Calif., began on a speculative basis in November 2019 and is expected to be complete by September 2020.
The 800,218-square-foot industrial development is being built to LEED Silver standards on a 37.3-acre site. When completed, 4501 Patterson will offer 40-foot clear heights, 117 dock doors, 244 trailer stalls, 359 car parking spaces and four grade-level loading doors. The property is also located next to Interstate 215 and nearby Interstates 10 and 15. Collin Phillips, vice president of Leasing and Development at Duke Realty, represented the company in the transaction.
Dual properties in Perris
Nancy Shultz, senior vice president of Duke’s Southern California operations, said in prepared remarks that the Inland Empire East submarket attracts companies because it offers large blocks of modern distribution space and has access to nearby interstates and highways.
Alongside the groundbreaking of 4501 Patterson in November, Duke also secured a long-term tenant for another logistics building that was under construction in Perris. Duke signed a full-building lease for its 1 million-square-foot logistics property at 4375 N. Perris Ave, slated for delivery in the second half of 2020.
Shultz added in her prepared statement that the company has more than 13.6 million square feet of space throughout 31 buildings in its portfolio. Duke’s holdings stretch across the U.S., with properties from Southern California to New Jersey. In January, Duke also fully leased its 375,200-square-foot industrial park in St. Louis to an imaging supplies distributor.