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Duke Realty Leases 72% Of Yet-To-Be-Built Facility

In another sign that industrial real estate is running strong despite the coronavirus, Duke Realty has already leased up 72% of a new industrial facility in Medley that it hasn't even started building yet. 

A rendering of Miami 27 Business Park.

The news came Tuesday as Duke announced it signed a pre-lease with a tech products distributor to take up 161K SF at a 35-acre site off U.S. 27 that is being redeveloped from its former incarnation as a lumberyard. It will be known as Miami 27 Business Park 10310 and ultimately have will have two buildings totaling 222K SF.

So far, the site has been cleared and construction is expected to begin in October. The tech products tenant, which wasn't disclosed in the announcement, will move in in September 2021.

The first building will have 36-foot clear heights, 26 dock doors and two drive-in doors. The other parcel will accommodate a 501K SF building, which Duke will start when it gets a pre-lease or build-to-suit request.

“Interest in the park has been strong as companies are working to identify sites that will help them reduce transportation costs and improve efficiencies," Duke Vice President of Leasing and Development in South Florida Stephanie Rodriguez said in a statement. 

The Colliers International team of Steven Wasserman and Erin Byers represented Duke Realty, an Indianapolis-based real estate investment trust, in the deal. David Behar of Behar Real Estate Group represented the tenant. 

On an earnings call July 30, Duke CEO James Connor told shareholders that the company had fared well in Q2 despite the pandemic hitting during that period.

"We signed 7.6M SF of leases, which contributed to a 100 basis point increase in our total portfolio occupancy to 95.3%," he said. "Leasing was broad-based across all industries with about 20% tied to e-commerce. Monthly rent collections remained strong at 99.9%."