Duke Realty purchases industrial parcels in Los Alamitos

On By shelley-henderson

This post was originally published on this site

According to The Registry and the Orange County Business Journal, Duke Realty has purchased a ±10.7 acres of industrial property in eight parcels in Los Alamitos.

Duke Realty also owns the former Mitsubishi property in Cypress that was renovated to become an Amazon last-mile facility.

The new Los Alamitos property will be added to a rapidly-expanding Southern California portfolio that includes:

…delivery of four facilities as well as its continued construction of nine developments in the high-demand Inland Empire, Orange County and Los Angeles — five of the 13 developments are already leased. This construction activity includes approximately 2.1 million square feet of space. Duke Realty has an additional 1.5 million square feet of planned development in the pipeline for Southern California in 2022 — bringing the market’s total portfolio to 19.4 million square feet.

All this acquisition and development activity comes in the midst of a merger with Prologis:

…the two companies have entered into a definitive merger agreement by which Prologis will acquire Duke Realty in an all-stock transaction, valued at approximately $26 billion, including the assumption of debt. The respective board of directors for Prologis and Duke Realty have unanimously approved the transaction.

The merger must still be approved by shareholders of both companies.

According to Duke Realty, “Duke Realty is a leading owner, developer, and manager of logistics and industrial properties. Our projects across the country include state-of-the-art bulk warehouses and modern, efficient distribution centers.”