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9/21/16
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The SoCal office of Duke Realty Corporation has purchased 22.67 acres of land in La Mirada for future development. The land is located directly north of Duke Realty’s 497.6k sf building at 16501 Trojan Way in the Mid-Counties submarket, just off I-5. The firm’s preliminary plans for the land consist of a 475k sf, cross-dock building with parking for 331 automobiles and 83 trailers.
Duke Realty’s new project will offer excellent access to I-5 via three full diamond interchanges and is in close proximity to the 605, 105, 91 and 22 freeways. According to Duke Realty Senior Vice President Chris Burns, the immediate submarket continues to be in high demand because of its highway and port access. Vacancy in this submarket is around one percent, with a limited amount of land available for new development and very little supply delivered in recent years.
The La Mirada land purchase is the third transaction Duke Realty has announced recently to expand its Southern California portfolio. In August, the company announced the development of two speculative industrial buildings ‒ a 201k sf logistics facility in Lynwood and a 400.9k sf industrial building in Moreno Valley. The firm, a nationwide REIT, owns and operates 7.9 msf of industrial properties in the western United States, including more than 4.8 msf in Southern California.
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