Duke Realty Corporation (DRE - Free Report) announced that Ralph’s Transfer and a joint venture interest between Siemens Corporation and Chromalloy Gas Turbine Corporation have signed leases for a total of 274,085 square feet of space in Tampa Regional Industrial Park 13111.
The above mentioned joint venture has inked a long-term lease for 210,723 square feet of space. The leased space will be used by Advanced Airfoil Components involved in the manufacturing and production of components that maximize gas turbine performance.
On the other hand, cargo and freight transportation company, Ralph’s Transfer, has leased 63,362 square feet in the industrial building.
Tampa Regional Industrial Park 13111 is a 337,447-square-foot building which was completed in May. The property is one of the first planned properties in the industrial facility of Tampa Regional Industrial Park — commonly known as TRIP. Situated in 13111 Bay Industrial Drive, the building has only 63,362 square feet of space available for leasing.
The building enjoys high tenancy due to its strategic location in the TRIP compound. TRIP is conveniently located along the Big Bend Road and U.S. 41 in South Tampa, with access to I-75. Moreover, it is only 12 miles away from I-4.
Such proximity to key roadways holds significance to warehouse and distribution companies. Furthermore, easy availability of workers in the vicinity adds value to the industrial park.
Amid an e-commerce boom, growth in industries and companies opting for consolidation of operations to improve supply chain efficiencies, demand for warehouse infrastructure and efficient distribution networks has been shooting up. This, in turn, has been stoking the industrial real estate market’s growth. Hence, the company is enjoying active leasing activities and quick absorption in its industrial assets.
Shares of Duke Realty have gained 9.3% year to date, outperforming 4.6% growth recorded by the industry.
Also, this Zacks Rank #3 (Hold) company’s third-quarter 2017 and current-year funds from operations (FFO) per share estimates remained unchanged at 29 cents and $1.22, respectively, in a month’s time.
Stocks to Consider
Better-ranked stocks in the real estate investment trust (REIT) space include Sabra Healthcare REIT, Inc. (SBRA - Free Report) , DCT Industrial Trust (DCT - Free Report) and CoreSite Realty Corporation (COR - Free Report) . While Sabra Healthcare sports a Zacks Rank of 1 (Strong Buy), DCT Industrial and CoreSite Realty carry a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Sabra Healthcare’s FFO per share estimates for the current year climbed 3.4% to $2.43 in the past month.
DCT Industrial’s 2017 FFO per share estimates remained unchanged at $2.43 during the same time period.
CoreSite Realty’s FFO per share estimates for full-year 2017 inched up 0.2% to $4.46 in two months’ time.
Note: All EPS numbers presented in this write up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
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