(East Rutherford, NJ – March 26, 2018) The New Jersey office of Duke Realty (NYSE: DRE), the leading U.S. domestic-focused industrial property REIT (Real Estate Investment Trust), announces that it has completed a 3.1 million-square-foot 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 square feet.
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-square-foot warehouse on one of the acquired sites, 429 Delancy Street in Newark, with delivery expected by year-end. In addition to the Delancy Street land, Duke Realty also acquired a parcel at 5 Ethel Boulevard in Wood-Ridge, on which a 194,000-square-foot 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 New York City 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:
|Building Address||Square Feet|
|10 Broadway Road, Cranbury||264,085 SF|
|377-387 Davidson’s Mill Road, South Brunswick||488,884 SF|
|960 High Street, Perth Amboy||220,200 SF|
|980 High Street, Perth Amboy||718,200 SF|
|1000 High Street, Perth Amboy||354,250 SF|
|900 Federal Boulevard, Carteret||206,500 SF|
Duke Realty entered the New Jersey 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 on the site that today are 100 percent 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 square feet. In 2017, the company purchased a 156,256-square-foot 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 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.”
About Duke Realty
Duke Realty’s New Jersey portfolio currently includes 5.6 million square feet of industrial properties. Duke Realty’s New Jersey office is located at One Meadowlands Plaza, Suite 200, East Rutherford. The office phone number is 484.533.2659.
On a nationwide basis, Duke Realty Corporation owns and operates approximately 146 million rentable square feet of industrial assets in 21 key U.S. logistics markets. Duke Realty is publicly traded on the NYSE under the symbol DRE and is listed on the S&P 500. The company maintains a Baa1 rating from Moody’s Investor Service and a BBB+ rating from Standard & Poor’s Financial Services. More information about Duke Realty Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.