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Commercial Real Estate
Business Observer Thursday, Jul. 29, 2021 9 months ago

Duke Realty signs major lease at TRIP

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Build-to-suit deal with e-commerce company caps three-building logistics development in Gibsonton.
by: Kevin McQuaid Commercial Real Estate Editor

Duke Realty Corp. has signed an e-commerce company to a 112,000-square-foot lease in its Tampa Regional Industrial Park, a deal that will complete the three-building industrial development early next year.

The build-to-suit project replaces a planned 442,000-squatre-foot building at TRIP, at 6180 Big Bend Road in Gibsonton.

Taken together, the 117-acre business park now contains 892,300 square feet. Initially, 1.22 million square feet of space had been planned. Two other offerings in the park, of 337,447 and 442,000 square feet, respectively, are fully occupied.

Indianapolis-based Duke Realty began work on Tampa Regional in 2018. Tenants there include EBY-Brown, Republic National Distribution, Siemens Energy and Ralph Transfer.

“Tampa Regional Industrial Park has proven to be an ideal location for companies looking for quick and easy access to the Tampa metropolitan area and beyond, due to its quick and easy proximity to two major Central Florida interstates,” says Duke Realty Vice President of Leasing and Development for Central Florida Tim Perry, in a a statement.

“Our newest tenants will benefit from new, state-of-the-art warehouse and distribution space, which will help facilitate operational efficiencies.”

Perry and Trey Carswell, of commercial real estate brokerage Cushman & Wakefield, negotiated on behalf of Duke Realty, while John Dunphy of commercial real estate brokerage JLL represented the park’s latest tenant in the transaction.

In the Interstate-4 Corridor, between Tampa and Orlando, the publicly traded Duke Realty owns and manages more than 4.44 million square feet of industrial space in 28 properties, according to its website. Developer such as Duke Realty are drawn to the Interstate-4 Corridor because of its proximity to 20 million consumers within a day’s drive.

In addition to Tampa Regional, the company also developed and owns the Eagle Creek Business Center, the Park 27 Distribution Center, the Fairfield Distribution Center and Pinebrook Business Center, all in Tampa; as well as the Crossroads Business Park 601 and the Parksouth Distribution 9550 building, in Orlando.

Nationwide, the roughly 50-year-old real estate investment trust owns more than 162 million square feet of industrial properties in 20 markets.

 

 

 

 

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