Duke Realty inks deal for Mattress Firm’s new Triangle warehouse

Duke Realty inks deal for Mattress Firm’s new Triangle warehouse

Original Post

Bedding retail giant Mattress Firm has signed a lease agreement for a big new warehouse space in Garner that will expand the company’s distribution channels across central and eastern North Carolina, and simultaneously kick off construction of a new building for the market.

Mattress Firm (Nasdaq: MFRM) is slated to occupy about 60 percent of a new 133,350-square-foot warehouse building that real estate development firm Duke Realty (NYSE: DRE) is building at the Greenfield North industrial park in Garner.

The retailer, which has about 30 stores in the Triangle, has had a distribution warehouse in Burlington and wanted something more centrally located for serving the state. Mattress Firm also leases space from Duke Realty in Minneapolis and Dallas.

The new building is slated to be completed in January 2016.

Indianapolis-based Duke Realty in April sold almost its entire portfolio of 24 office buildings in Morrisville, Raleigh and Cary to a joint venture partnership led by Starwood Capital Group and Trinity Capital Advisors. However, Duke Realty’s portfolio of 2.8 million square feet of warehouse properties was not part of the sale.

At the Greenfield North industrial park at the intersection of I-40 and U.S. 70 in Garner, Duke Realty owns four warehouse buildings and future building pad sites large enough to develop another 793,000 square feet, including the new 1000 North Greenfield Parkway building for Mattress Firm.

Jackson Rives of Cushman & Wakefield/Thalhimer in Raleigh assisted Sam O’Briant, executive vice president of Duke Realty’s East Region, in lease negotiations for the new building.

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