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DUKE REALTY CORPORATION

(DRE)
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Duke Realty Preleases ~299K SF Speculative Development in Bellwood, Illinois

11/03/2021 | 09:05am EST

110 North 25th Avenue in Bellwood, Illinois

CHICAGO - November 3, 2021 - The Chicago office of Duke Realty Corporation (NYSE: DRE), the leading domestic only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, secured a long-term lease agreement with a leading snack food manufacturer. Duke Realty announced the start of the 299,520-square-foot development on 19 acres at 110 North 25th Avenue in Bellwood, Illinois, earlier this year.

"Among Bellwood's strengths are our quality workforce and our willingness to support ambitious redevelopment projects," said Mayor Andre Harvey, Village of Bellwood. "This planned development aligns with our strengths and offers our vibrant community positive economic impact and job opportunities helping position the Village of Bellwood for future growth and continued long-term stability."

Duke Realty's facility in Bellwood is scheduled for completion in early 2022 and will provide the client with nearly 300,000 square feet of space, minutes from their manufacturing facilities.

"As this new client's customer list continues to expand to globally-recognized retailers and wholesalers, they needed additional space in close proximity to their manufacturing facilities to meet the added demand for their products," said Josh Bauer, Duke Realty's vice president of leasing and development in Chicago. "Our newest, state-of-the-art facility in the Village of Bellwood expands our new client's distribution network beyond its current manufacturing facilities and allows for further growth in an emerging and welcoming community with a diverse workforce."

The distribution center boasts 36 feet of clear height, 30 dock doors, 85 trailer parking spaces and 345 auto spaces. The facility is being built to LEED® certification standards - meeting requirements for environmentally sustainable construction and site development, water savings, energy efficiency and construction waste management.

Kris Bjorson at JLL represented the tenant and Jason Lev and John Suerth at CBRE, together with Duke Realty's Josh Bauer represented Duke Realty.

Disclaimer

Duke Realty Corporation published this content on 03 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2021 14:04:09 UTC.


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Sales 2021 1 032 M - -
Net income 2021 835 M - -
Net Debt 2021 3 426 M - -
P/E ratio 2021 23,7x
Yield 2021 1,86%
Capitalization 21 503 M 21 503 M -
EV / Sales 2021 24,2x
EV / Sales 2022 22,0x
Nbr of Employees 350
Free-Float -
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Last Close Price 56,46 $
Average target price 64,65 $
Spread / Average Target 14,5%
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James B. Connor Chairman, President & Chief Executive Officer
Mark A. Denien Chief Financial Officer & Executive Vice President
Steven W. Schnur Vice President-Leasing
Nicholas C. Anthony Chief Investment Officer & Executive VP
Lynn C. Thurber Independent Director
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