SOUTH BRUNSWICK, NJ—Duke Realty Corporation is acquiring a 10-building industrial portfolio totaling 3,424,732 square feet from Chicago-based Bridge Development Partners for approximately $515 million. About 2.3 million square feet of the portfolio represents New Jersey facilities or parcels under construction.

Each of the assets are newly constructed state-of-the-art facilities in the nation's top infill industrial markets of Northern New Jersey, Southern California and South Florida. The transaction will be completed in phases, with the first and second phases having closed on September 27^th and October 25^th, and the final phase expected to close near the end of the year. In addition to the 10 completed properties, the deal includes two land parcels on which two properties totaling 852,745 square feet where buildings will be constructed, beginning later this year. Once fully constructed the total cost of the portfolio will be nearly $700 million.

“We are extremely proud of the accomplishments of our New Jersey team,” says Jeff Milanaik, regional partner for Bridge. “Developing over 3.1 million square feet of buildings worth over $520 million in three years in such a challenging market as New Jersey is a testament to the talents and tenacity of our team.”