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Duke Realty Corporation (NYSE:DRE) announced that it has purchased 292 industrial acres in Goodyear, Arizona. The site is located three miles from Interstate 10 and State Route 85, the two major corridors to Phoenix. Initial plans for Cotton Lane Business Park call for eight bulk industrial buildings totaling nearly 4 million square feet to be developed over the next several years. Denny Oklak, Chairman and Chief Executive Officer, commenting on Duke’s announcement today, stated, “In late 2005, we identified the Phoenix market as a prime location for the expansion of the Duke operating platform. We are pleased that in less than a year we have identified a prime industrial land position to enable Duke to begin bulk distribution development in the near future. This acquisition will be the catalyst to establishing the full vertically-integrated Duke operating model in Phoenix and empower our team to rapidly grow our investment base in the market.” Kevin Rogus, Duke’s Executive Vice President of the West Region, said Duke is eager to begin developing in the Phoenix market and be a part of its vibrant and growing economy. “Cotton Lane is in the direct path of the West Valley’s growth and this project gives us the flexibility to parcel lots to any size necessary to accommodate small to large users,” he said. The Cotton Lane Park is strategically located in the middle of the emerging West Valley industrial core. Mike Freret, Duke's Vice President of Leasing and Development, said, “The planned improvements to the freeway system in the area, including Interstate 10, the Loop 303 and State Route 801, will give our tenants unparalleled access to the entire Valley. In addition, Cotton Lane is the only industrial park in the area that can be served by rail." About Duke Realty Corporation Founded in 1972, Duke Realty Corporation develops commercial real estate in strategically selected markets by leveraging the expertise of local sales, construction and operations professionals. Duke is the largest publicly traded, vertically integrated office/industrial real estate company in the United States. Duke’s properties encompass approximately 113 million rentable square feet leased by approximately 3,600 tenants. We own or control more than 6,500 acres of undeveloped land that can support over 94 million square feet of additional development. Duke common stock is listed on the New York Stock Exchange under the symbol: DRE.
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Visit Duke on the web at www.dukerealty.com.
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