Duke Realty’s New Jersey industrial portfolio reaches 5.6 million s/f following recent acquisition
East Rutherford, NJ — The New Jersey office of Duke Realty announced that it has completed a 3.1 million s/f industrial property acquisition comprised of six newly constructed buildings and two land sites for future development. With this acquisition, Duke Realty’s New Jersey industrial portfolio increases to 5.6 million s/f. All of Duke Realty’s newly acquired buildings and land parcels are located along the I-95 corridor, starting at the Exit 8A submarket and continuing north to the Meadowlands submarket. The buildings in the portfolio were all delivered within the past year and incorporate features designed to enhance product storage and distribution, including 36’ clear heights and ample automobile and trailer parking. Duke Realty has already begun development of a 661,000 s/f warehouse on one of the acquired sites, 429 Delancy St. in Newark, with delivery expected by year-end. In addition to the Delancy St. land, Duke Realty also acquired a parcel at 5 Ethel Blvd. in Wood-Ridge, on which a 194,000 s/f warehouse is proposed.
“This acquisition gives Duke Realty an industrial portfolio that is second-to-none in terms of location and quality,” said Ben Rosen, vice president of leasing and development for Duke Realty in New Jersey. “All of these properties have excellent access to I-95, are within a short drive of NYC and feature the modern amenities today’s industrial users want. This acquisition, along with other buildings Duke Realty has developed and acquired over the past five years, gives us a portfolio featuring some of the newest, best-located and highest quality assets in one of the nation’s premier infill markets.
”The buildings in Duke Realty’s recent acquisition include:
• 10 BRd.way Rd., Cranbury 264,085 s/f
• 377-387 Davidson’s Mill Rd., South Brunswick 488,884 s/f
• 960 High St., Perth Amboy 220,200 s/f
• 980 High St., Perth Amboy 718,200 s/f
• 1000 High St., Perth Amboy 354,250 s/f
• 900 Federal Blvd., Carteret 206,500 s/f
Duke Realty entered the NJ market in 2007 with the purchase of a former GM plant in Linden and immediately began redevelopment of the site. Since that time, Duke Realty has delivered three modern warehouses totalling 1.1 million s/f on the site that today are 100% leased. Duke Realty grew its New Jersey portfolio again in 2013 with the acquisition of three buildings in Cranbury and Logan Township totaling 1.3 million s/f. In 2017, the company purchased a 156,256 s/f building in Teterboro.
“Acquiring high-quality buildings and land sites is consistent with Duke Realty’s strategy of being the leading provider of premier industrial space in the country and growing its portfolio in the nation’s top logistics markets,” added Rosen. “This acquisition has helped position our company as one of the dominant industrial property owners in New Jersey.”
“The acquisition of these properties allowed us to immediately reinvest a significant portion of the proceeds from our $3 billion medical office building portfolio disposition last year into modern, high-quality industrial assets,” said Mark Crawford, vice president of acquisitions and dispositions for Duke Realty. “Our expansion into Northern New Jersey is an important part of our overall acquisition strategy, which is focused on increasing our holdings in Tier I distribution markets.”