Duke Closes Three-Market Deal with SimplexGrinnell

RALEIGH, NC-Duke Realty Corp. has nailed down a three-market 86,000-sf leasing transaction in a single $1.8 million, five-year contract with SimplexGrinnell, the fire protection services company based in Westminster, MA.

The tenant is taking 33,000 sf in Walnut Creek II, a 100,000-sf, 100%-leased building at Duke’s 92-acre, planned 1.3 million sf Walnut Creek Business Park in Raleigh. SimplexGrinnell is also leasing 27,000 sf at Fairfield Distribution Center in Tampa; and 26,000 sf at Park 82 Business Park in Cleveland.

Simplex-Grinnell is paying an average $4.19 per sf at each of the three parks.

Brian Everett of Grubb and Ellis Co. negotiated for the tenant. Chris Norvell, Duke’s senior leasing representative and Andrew Kelton, senior vice president, Raleigh operations, represented Duke.

“SimplexGrinnell benefited from Duke’s ability to negotiate one lease for three locations at one time,” Kelton says in a prepared statement.

At Walnut Creek Business Park, Duke plans to develop nine distribution buildings totaling one million sf and four service centers totaling 255,000 sf. The park is 20 minutes from the Raleigh-Durham Internaitonal Airport and the Research Triangle Park.

In Raleigh, Dukes owns, manages or has under development 4.4 million sf office/industrial and controls 244 acres for future development.

Tyco International Ltd. acquired the 107-year-old Simplex Co. in January of this year. Grinnell Fire Protection Co., part of Tyco since 1976, joined with Simplex in April to form SimplexGrinnell.