Duke Realty to exit St. Louis industrial marketplace | Area Enterprise

ST. LOUIS — Duke Realty, an Indianapolis-dependent true estate investment belief, ideas to go away the St. Louis region to focus on additional in-need serious estate markets.

Duke is seeking to market its entire St. Louis-space true estate holdings, 5.2 million sq. ft of industrial homes. The firm is providing to consider benefit of sturdy investor demand from customers for logistics houses, to focus on coastal markets, and to fund Duke Realty’s development pipeline, Duke Senior Vice President Nick Anthony explained during the company’s earnings simply call Thursday.

The qualities are scattered across the location in St. Peters, Hazelwood and Earth Metropolis and the portfolio also incorporates some of Leading 370 Enterprise Park, the 375-acre organization park in St. Peters that Duke formulated. Amazon opened its 1st Missouri robotics fulfillment heart there in 2019. Finest Invest in and British purchaser goods company Reckitt Benckiser also lease space at Leading 370.

Duke did not disclose its inquiring price for the portfolio.

The St. Louis region’s industrial market is just one of the healthiest industrial markets in the spot, adhering to the COVID-19 pandemic. In the very first quarter of 2021, the average industrial vacancy fee fell a 50 percent-per cent to 4.3%, in comparison to the same period last yr, highlighting how demand from customers is outpacing provide. The average lease charge grew a little to $4.53 for each square foot from $4.51 all through the very same period, in accordance to exploration from professional serious estate firm CBRE.