Duke Realty’s New Jersey industrial portfolio reaches 8.2 million s/f following acquisition
East Rutherford, NJ — The New Jersey office of Duke Realty Corporation, has completed the acquisition of a 102,224 s/f industrial building at 66-96 East Union Ave. in East Rutherford. NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, helped negotiate the sale and lease of the facility. The acquisition has increased Duke Realty’s New Jersey portfolio to nearly 8.2 million s/f.
“Duke Realty continues to invest in modern distribution space – especially in opportunities and facilities along the New Jersey Turnpike Corridor,” said Art Makris, senior vice president of Duke Realty’s Northeast region. “We are continuously working to identify strategic opportunities to expand our best-in-class New Jersey portfolio with facilities that can help meet client regional and national distribution needs.”
“This low coverage functional asset in the heart of the Meadowlands submarket is a perfect fit for our infill acquisition strategy,” said Mark Crawford, vice president and head of acquisitions for Duke Realty. “We are continuously pursuing opportunities similar to this in infill locations like Northern New Jersey.”
Situated on 6.8 acres, 66-96 East Union Ave. represents highly adaptable industrial space in one of the region’s most in-demand industrial markets. Conveniently located near the junction of Routes 3 and 17, the building is a short drive from the New Jersey Turnpike and Garden State Parkway providing easy access to New York City and thoroughfares servicing the entire eastern United States.