Duke Realty Corporation’s DRE Atlanta office recently announced the execution of a long-term lease agreement for a build-to-suit distribution facility with Floor & Decor, a specialty retailer in the hard surface flooring market. Construction on this 1,435,750-square-foot facility is scheduled to begin in Nov 2016.
Headquartered in Indiana, Duke Realty is a commercial real estate investment trust (“REIT”) in the U.S., engaged in owning, managing and developing industrial and healthcare properties across the nation. With this latest agreement, the REIT is bringing a new facility to the Atlanta-based Floor & Decor that can help it to deliver products to the retail stores more conveniently. The new state-of-the-art facility, which spans over an area of 90 acres and situated around 10 miles from the Port of Savannah, will include modern features that will aid in product distribution and storage.
Duke Realty is the largest industrial owner in Savannah. In fact, the company owns 6.4 million square feet of space comprising of 25 buildings in the Savannah port area. The REIT and the Savannah Economic Development Authority worked closely for this latest project.
Duke Realty currently carries a Zacks Rank #3 (Hold).
Investors interested in the REIT sector can consider some better-ranked stocks like Alexandria Real Estate Equities, Inc. ARE, Arbor Realty Trust Inc. ABR and CareTrust REIT, Inc. CTRE. All these stocks hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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